Foreign Currency Account-i
(Protected by PIDM up to RM250,000 for each depositor)Bank Islam offers the Foreign Currency Account facility for your business and personal needs. Make and receive payments in foreign currency. No monthly account maintenance fee.
Shariah Contract
Qard
The Customer shall give consent to the Bank to deal with the whole or any part of any balances in the account in the manner that the Bank deems fit. Any profit generated by the Bank from the use of the funds shall belong to the Bank. The Bank may at its absolute discretion, give reward (Hibah) to the Customer. Subject to the terms hereof, the Bank guarantees payment of the whole sum standing to the credit of the Customer’s account upon demand.
Bai’ Al-Sarf
The Customer agrees to enter into Bai’ al-Sarf contract for any transaction of FCA-i that involve exchange of two different currencies, e.g. exchange of US Dollar against Malaysian Ringgit.
Available Foreign Currency Denominations
A choice of opening an account in the following major currencies
- Arab Emirates Dirham (AED)
- Australian Dollar (AUD)
- Euro (EUR)
- Pounds Sterling (GBP)
- Japanese Yen (JPY)
- Saudi Riyal (SAR)
- Singapore Dollar (SGD)
- US Dollar (USD)
Eligibility & Requirement
Minimum initial deposit
The minimum initial deposit is USD1,000 equivalents
Age Requirement
Open to all, aged 18 years old and above
Types of account
Resident
- Individual and entity
- Joint Accounts
- Resident jointly with resident
- Resident joint with non-resident individual who is his immediate family members
Non-resident
- Individual and entity
- Joint Accounts
- Non-resident joint with non-resident
- Non-resident with resident individual who is his immediate family members
A resident intermediary
Terms & Conditions
Click here to view Terms & Conditions for FOREIGN CURRENCY ACCOUNT-i effective 22nd January 2024
Click here to view Terms & Conditions for Foreign Currency Account-i effective 1st June 2023
