• Alliance Islamic Bank Fixed Deposit Rates

    Alliance Islamic Bank Fixed Deposit

    Alliance Islamic Fixed Deposit

    Fixed (or Term) Deposits are offered by nearly every bank in Malaysia, and offer a return on investment in the form of interest payable over time. In the Islamic world, dealings with interest are considered unlawful, ruling out investment and wealth generation through the medium of Fixed Deposits or Term Deposits.

    Alliance Islamic Bank has taken this into consideration and devised a Term Deposit investment that functions within the strict guidelines of the Shariah law.

    The Term Deposits offered by the Alliance Islamic Bank are completely Shariah compliant, by offering a profit rate of return that’s fixed at the very outset, and the profit is generated through trading commodities, as an underlying asset transaction. This falls within the rules of the Shariah concept of Murabahah Tawarruq.

    Types of Alliance Islamic Bank Term Deposits

    Alliance Islamic Bank offers two Shariah compliant Term Deposit investment opportunities:

    1. Alliance Islamic Bank Term Deposit-i.
    2. Alliance Islamic Bank Junior Smart Term Deposit-i.

    Both these Term Deposit offerings offer a fixed rate of returns through Halal investments and trading, and are targeted towards specific customers of the bank. They are explained in detail as under:

    1. Alliance Islamic Bank Term Deposit-i

      The primary Term Deposit offering from the Alliance Islamic Bank, this deposit offers a Halal source of investment for wealth generation.

    2. Eligibility criteria required for Alliance Islamic Bank Term Deposit-i

      In order to be eligible for this Term Deposit account, one must meet the following eligibility criteria:

      • Minimum age: 18 years.
      • Eligible parties:
        • Individuals.
        • Sole proprietorship businesses.
        • Associations.
        • Clubs.
        • Societies.
        • Partnership firms.
        • Small and Medium Enterprises.
        • Corporations.
        • Business Entities.
        • Government bodies.

      Features and Benefits of the Alliance Islamic Bank Term Deposit-i:

      • Fully Halal investment, compliant with Shariah principles and operating on the concept of Murabahah Tawarruq.
      • Higher profit rate than savings accounts or current accounts.
      • Flexible and affordable initial deposit amounts:
        • For a 1 month tenure, minimum investment is RM5,000.
        • For a 2 month tenure (or longer), minimum investment is RM500.
      • Flexible tenure options ranging from 1 month up to 60 months.
      • Auto Renewal facility is available.
      • No Brokerage Fees or any other hidden charges.
      • Premature withdrawal facility is available upon request.
      • Placements will be repaid to the investor at a discounted rate for premature withdrawals.
      • PIDM protection applies.
    3. Alliance Islamic Bank Junior Smart Term Deposit-i.

      This Term deposit is for Junior account holders of the Alliance Islamic Bank. It is totally Shariah compliant under the concept of Murabahah Tawarruq.

    Eligibility Criteria for the Alliance Islamic Bank Junior Smart Term Deposit-i:

    In order to be eligible for this Term Deposit offering, interested parties will have to meet the following eligibility criteria:

    • Age requirements: All applicants must be below the age of 18, which is also the maximum age on maturity. This means that if a 12 month deposit is chosen, the applicant can be no older than 17, as the deposit must reach maturity before the applicant attains the age of 18.
    • Accounts can only be opened with a legal representative of the Junior account holder. Either a parent, legal guardian, or trustee must be present with the Junior account holder at the time of creating the deposit.

    Features and Benefits of the Alliance Islamic Bank Junior Smart Term Deposit-i:

    • Fully Halal investment, compliant with Shariah principles and operating on the concept of Murabahah Tawarruq.
    • Higher profit rate than savings accounts or current accounts.
    • Flexible and affordable initial deposit amounts, minimum investment is RM500.
    • Flexible tenure options ranging from 12 months up to 60 months.
    • In order to facilitate profits being payable on maturity, the deposit account can be linked with the Junior Smart Savers Account-i.
    • No Brokerage Fees or any other hidden charges.
    • Premature withdrawal facility is available upon request.
    • Placements will be repaid to the investor at a discounted rate for premature withdrawals.
    • PIDM protection applies.

    FAQs

    1. Are partial or full withdrawals allowed under either of the above mentioned Term Deposit schemes?

      While partial or complete withdrawals from Alliance Islamic Bank’s Islamic Term Deposits is not encouraged, it is permissible. It should be noted that the bank will repay the placement at a discounted rate/price/amount as will be decided by the bank depending on a number of factors calculated internally.

    2. What is the maximum tenure allowed for Alliance Islamic Bank’s Term Deposit schemes?

      The Term Deposit can be invested in for a maximum tenure of 60 months per deposit.

    3. What are the current profit rates / rate of return on Alliance Islamic Bank’s Term Deposits?

      Currently, from the 16th of March, 2016 to the 15th of April 2016, Alliance Islamic Bank has mentioned the profit rate as under:

    1. Alliance Term Deposit-i (also known as ATD-i):
      Tenure ATD-i / minimum investment amount in RM
      1 to 2 months. 3.15 / RM5,000
      3 to 5 months. 3.20 / RM500
      6 months. 3.25 / RM500
      7 months. 3.25 / RM500
      8 months. 3.25 / RM500
      9 months. 3.25 / RM500
      10 months. 3.25 / RM500
      11 months. 3.25 / RM500
      12 months. 3.30 / RM500
      13 to 60 months. 3.30 / RM500
    2. Junior Smart Term Deposit-i (also known as JSTD-i):
    3. Tenure ATD-i / minimum investment amount in RM
      12 months. 3.30 / RM500
      13 to 60 months. 3.30 / RM500

    *Please note that all amounts, tenures, repayment requirements, time frames, interest rates, other rates, charges, fees, ceilings, requirements, criteria, features, benefits, exclusions, calculations, ratios, ratings, terms and conditions mentioned above are as of March, 2016, and are subject to change at any time. All banks / NBFCs / insurance providers / financial service providers / companies, etc. mentioned above retain all rights to modify, replace, or add to or subtract from any of the above, in any way, at any time, and at their own discretion. You are requested to reconfirm the same with your chosen bank / company / NBFC / insurance provider / financial service provider, etc. before making any financial commitments.

    Other Products offered by Alliance Islamic Bank:

    Apart from offering Fixed Deposit,Alliance Islamic Bank offers other products and services which include:

  • Contact Us on Mail
    Facebook
    reTH65gcmBgCJ7k - pingdom check string.
    This Page is BLOCKED as it is using Iframes.