Maybank Islamic launches new products to boost deposit base

Maybank Islamic hopes to attract RM2 billion (USD453 million) in deposits – within a year – by launching two new financial products,

The products are Foreign Currency Mudharabah-i (FCM-i), the first such product in Malaysia, and the Profit Now Account-i (PNA-i), said the firm in a statement.

FCM-i is a short-term Islamic foreign currency term deposit account based on the principle of ‘Mudharabah’. This entails the concept of profit sharing between the bank and customers. 

It serves as a Shariah-compliant alternative to short-term foreign currency investments currently available through conventional banking.

Dividends on FCM-i are based on an agreed profit-sharing ratio which is agreed up-front. The actual dividend will then be calculated on this ratio and the amount payable will be known upon maturity of the investment, said the bank.

The minimum deposit for individual customer is equivalent to USD5,000; tenures range from one to 12 months.