Where permitted, any unplanned temporary excess in any Islamic Account due to amount advanced by the Bank shall be treated as loan (Qard) granted by the Bank to the account holder.

Features of Qard for the excess amount in Islamic Account (s) are as follows:

  • Tenure of the Qard is one (1) day from the advanced day.
  • Each excess shall be charged with a fee.
  • Late Payment Charge (LPC) is based on the prevailing Islamic Interbank Money Market (IIMM) rate. Kindly contact your home branch for the latest prevailing IIMM rate.

Calculation of the LPC is computed based on the following formula:

Excess Amount x IIMM rate x (No. of days in Excess -1)/365@366

Please contact your branch for the terms of a planned temporary excess in Islamic Account (s).


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