Effective 10 Dec 2016, all existing Islamic Foreign Currency Account-i (FCA-i) held by Individuals, Small & Medium Enterprise (SME), Business Banking (BB) and Global Banking (GB) customers will be upgraded to the Master Foreign Currency Account-i (MFCA-i)
MFCA-i is based on Shariah contract of Qard (Loan). Qard refers to a contract of lending money by a lender to a borrower where the borrower is bound to repay an equivalent amount to the lender. Ownership of the money belonging to the lender is transferred to the borrower and the borrower is obliged to repay the lender in full. Customer as lender lend his money to Maybank Islamic as borrower.
Available in more than 10 major currencies, you enjoy less costly transactions on fund transfers and save a significant amount of money lost through the exchange conversion.
A wise alternative to save for your child’s education fund or travel plans in the currency of your choice. Plus it eases your burden in the event of currency appreciation.
Greater convenience through remittance facilities available at local and 700 correspondent banks worldwide and you’re eligible for protection by PIDM (Perbadanan Insurans Deposit Malaysia).
A Malaysian or Permanent Resident? An Individual and non-individual (based on FCA type applied). A Resident exporter and Approved International Procurement Centre (AIPC). A Resident and non-resident individual and corporation (with/without domestic borrowings).
Please note the minimum deposit of USD1,000 or equivalent (for individuals). No minimum amount for non-individual accounts.
Ok? Then next steps:
Visit your nearest Maybank/Maybank Islamic branch, bring along your original Identity Card (IC), Birth Certificate and MyKid for Malaysians, and Passport for non-residents or foreigners, as your primary document.
You may also need to bring secondary supporting documents such as:
A valid passport (if IC is produced as a Primary document), a valid driving license, utility bills (e.g. water/electricity/telephone bills, Quit Rent, Assessment Notice in the name and address of the customer opening the account, a Letter of employment or your Credit card.
And that's it!
We recommend you go through the small print in detail before you apply for this account.