Al-Rajhi Mudharabah Savings Account-i
AL-RAJHI MUDHARABAH SAVINGS ACCOUNT-i
From: Al-Rajhi Bank
Al-Rajhi Bank is a foreign bank that open few branches in Malaysia lately. Its implement 100% Islamic banking in all transaction. Today we going to learn one of its products, Al-Rajhi Mudharabah Savings Account-i.
Mudharabah Savings Account is profit sharing-based account type. Your money in savings account will be invested as agreed and the profit will be shared based on a ratio. Al-Rajhi offers 70:30 profit sharing ratio (PSR), where 70% of the profit will goes to you. In average, the return is about 3.10% p.a (on paper). But practically, if we have RM1000 in the account, by the end of the month, we will get +RM4.43. Annually, it can be calculated that the total return p.a is RM53+, which means 5.3% return percentage. Its because the PSR is fixed, but the profit is varies.
Al-Rajhi Mudharabah Savings Account use Visa debit card as its ATM card. The advantage of this card is, it supports all transaction which applied by Visa, either local or international, real-world or online transaction. So you can use the card to pay bills online, buy airplane ticket, pump fuel at petrol station or as credit card replacement. The difference between this card and ordinary credit card is you must have money in your account in order to purchase something. On the other hand, money withdrawal on other banks’ ATM will cost you RM4, since Al-Rajhi is using Visa and not one of MEPS member.
Al-Rajhi Mudharabah Savings Account-i Features:
- 100% conforms with syariah
- High investment return
- Comes with multi-purposes Debit Card (support online transaction)
More info: http://www.alrajhibank.com.my/
This entry was posted on Monday, September 1st, 2008 at 7:20 am and is filed under x-Finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
jeje September 7th, 2008 at 2:42 pm
tu conventional la. mcm maen saham. ok gak, cepat kaya..