Maybank Conventional Fixed Deposit Vs Islamic Fixed Deposit

The underlying asset for the sale and purchase transaction between the bank and the customer is based on a specific shariah compliant commodity as the bank deems fit. An islamic term deposit with pre determined profit rate. In conventional banking a fixed deposit fd is a special type of savings account that pays a certain amount of interest for a specific sum of money invested over a predetermined period of time.

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Though unlike the generic savings account a fixed deposit pays a significantly higher interest rate thus allowing account holders the opportunity to earn more interest revenue.

Maybank conventional fixed deposit vs islamic fixed deposit. Rm1 000 for 2 months and above to rm5 000 for 1 month rm500 for in trust and minor for any tenure. Term deposit i is an islamic fixed term deposit based on the islamic financial principle of murabaha and involves customer purchasing an approved shariah compliant commodity and selling the commodity to the bank at a marked up price. In malaysia perbadanan insurans deposit malaysia pidm provides free protection for all deposits conventional or islamic made at a pidm member bank. Should your bank fail pidm insures you against the loss of your deposits for a maximum of rm250 000 per depositor per bank.

What is term deposit i td i. Islamic fixed deposit i ifd i is an islamic term deposit based on the shariah contract of commodity murabahah cost plus sale. Fixed deposit islamic fixed deposit i. Term deposit i td i frequently asked questions faqs 1.