For you, your family and your business …
What is Islamic Banking?
Islamic Banking offers products and banking services bsed on Syariah principles, making sure all banking transactions free of any ‘riba’ element. The products and banking services offered are eligible to all: including Muslim or non-Muslims, individuals and businesses.
What are the products and services offered by RHB Islamic Bank?
DEPOSITS
Wadiah Savings Account-i and
Wadiah Student Savings Account-i and
Only an initial deposit amount of RM100 is required for Wadiah Savings Account-i and RM1 for Wadiah Student Savings Account-i. You’ll also enjoy the convenience of ATM facilties, a passbook and earning of a multi-tier ‘hibah’ rate according to the balance in your account.
Wadiah Savings Account-i
Only a minimum deposit of RM1,000 is required and is open to individuals aged 18 and above, societies, clubs, associations and companies. For individual accounts, you will be given an ATM card and a cheque book for payment and cash withdrawal.
Mudharabah Current Account-i
This account can be opened by individuals, clubs and societies with a minimum deposit of RM1,000. RHB Islamic Bank will pay dividend to any account with balances above RM2,000, based on the pre-agreed profit sharing ratio. It offers ATM card facility (for individual account only), cheque book and combined statement for easy tracking of your accounts.
Mudharabah General Investment Account-i
This account can be opened by individuals, and business entities with a minimum deposit of RM5,000 for one month tenure while a minimum deposit of RM500 is required for two months and above. The deposit can be invested according to specific tenure from 1 to 60 months. Profits derived from this investment shall be shared between the bank and the depositors according to a mutually agreed profit sharing ratio.
Mudharabah Special Investment Account-i
This is a special investment account for individuals and companies. A minimum deposit of RM100,000 is required. The tenure of the investment ranges from 1 to 3 months. Dividends are paid upon maturity at a predetermined mutually agreed profit sharing ratio.
FINANCING
Home Financing-i
Applicable for financing and refinancing of all types of residential properties. You will enjoy higher financing depending on the type of property, and you can be assured of fixed monthly payment during the duration of the financing.
Revolving Credit-i
The Revolving Credit-i is offered under the Bai Bithaman Ajil (BBA) concept and is a short term financing. Tenure for this facility ranges from 1 month to 6 months and is renewable upon maturity at different profit rates. The profit rate for each contract is fixed and will depend on the Bank’s cost of funds.
Industrial Hire Purchase-i
Industrial Hire Purchase-I is a banking facility based on the Syariah concept of Ijarah Thumma Al-Bai’ (Hire Purchase) which allows you to hire and subsequently purchase assets from RHB Islamic Bank. It is rental for the usage of equipment at a fixed and agreed amount during the financing tenure. The facility concludes with the purchase of the equipment at a nominal fee. The total rental amount comprises the cost of the asset and the Bank’s profit margin. The maximum financing tenure is 84 months.
Leasing-i
Leasing-i is a banking facility based on the Syariah concept of Ijarah (Lease) which allows you to lease equipment/commercial vehicles from RHB Islamic Bank. It is rental for the usage of equipment during the financing tenure with an option to buy the equipment or opt for secondary lease at the end of the tenure. The total lease rental, which is fixed throughout the tenure, comprises the original cost of equipment and the Bank’s profit margin. The facility offers a financing tenure that ranges from 24 to 84 months.
TRADE FINANCING
RHB Islamic Bank also offers trade financing services:-
Letter of Credit-i
The Bank will issue a Letter of Credit-i to a local or foreign supplier so as to facilitate the customer to purchase raw materials for production.
Trust Receipt-i
The Bank will buy the merchandise from the supplier and remit the proceeds by using its own funds, and resell it to the customer at the Bank’s selling price. This price is to be settled by the customer upon maturity of the Trust Receipt-i.
Shipping Guarantee-i
Shipping Guarantee-I enables the customer to clear the purchased merchandise prior to obtaining the shipping document.
Bank Guarantee-i
Bank Guarantee-i is a facility when the Bank undertakes to pay an agreed sum if the customer fails or defaults in fulfilling his business obligation to a third party under the terms and conditions of the guarantee.
Accepted Bills-i
Accepted Bills-I is a short term financing facility for both external and domestic trade.
For more information, please call:
RHB PhoneBanking at 03-9206 8118
For Peninsular Malaysia
(available 24 hours, 7 days a week),
082-276 118 for Sabah and Sarawak
Or visit rhbislamicbank.com.my
**This article was first published in The Halal Journal May/Jun 2005 edition.