Maybank Islamic Banking

Maybank Islamic Banking
(source: Maybank Singapore website)

These are some frequently asked questions and answers about Maybank Islamic Banking.

Is Maybank Islamic Banking only for Muslims?
No. Islamic Banking is for anyone who may wish to use interest-free banking.

If Maybank Islamic Banking Accounts are interest-free, how does it work?
Money in the Maybank Islamic banking account is kept in accordance with the Syariah guidelines.

Who has decided that the Maybank Islamic Account is Syariah compliant?
A committee of distinguished scholars who have a lot of experience in Islamic finance and the Syariah law provide guidance in the creation of Maybank Islamic Banking products.

How is Maybank's PremierOne Account-i different from Maybank's conventional current accounts?
According to Syariah guidelines, deposited funds cannot receive or be charged interest. As such, PremierOne Account-i allows customers to have a bank account without receiving interest while, at the same time, ensuring that no interest-based fees are charged.

If an unauthorised / unintentional overdraft is created, would I be charged interest or fees for using Maybank Islamic Banking products?
Under Syariah guidelines, the charging of overdraft interest, as compensation for money lent out, is not permitted. As such, no debit interest will be charged on your Bank Account.

Will money earn a profit/return from Maybank Islamic Banking?
Under the Islamic principle of Al-Wadiah Yad Dhamanah, you as the depositors place your deposits with the bank on a trust basis. Maybank as the trustee guarantees the repayment of the whole amount of deposits, or any part thereof upon your request.

You are not entitled to any share of the profits through Maybank Islamic Banking but as a means of appreciating customers, who maintain the account, Maybank may at its absolute discretion pay dividends to you.

What are the accounts and dividend rates of Maybank Islamic Banking?
Maybank Islamic Banking products are iSavvy Account-i, Savings Account-i and PremierOne Account-i. Check with Maybank for dividend details.

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