Bank Islam Malaysia is a bank that specializes in providing Sharia-compliant financial services to Muslim clients. Its main products include Sharia-certified debit and credit cards, as well as mobile banking services. A key feature of Islamic banking is the prohibition of interest, meaning that Sharia-compliant lending does not involve interest charges. This article provides a detailed overview of the five main account types offered by Bank Islam, including account conditions, required documentation, minimum deposit requirements, and the account opening process.

Bank Islam Account Types

1. Basic Current Account-i

• Features: The most basic current account, available to Malaysian citizens and permanent residents. It allows for check issuance, cash deposits and withdrawals, transfers, and bill payments. Includes 6 free branch counter services and 8 ATM withdrawals per month.
• Fees:
  • Minimum deposit: RM 500
  • Minimum balance requirement: RM 1000 (RM 10 service fee every six months if balance not met)
  • Annual ATM fee: RM 8
  • Withdrawal fee: RM 0.5 per transaction, RM 1 for other bank ATMs

2. Basic Savings Account-i

• Features: Similar to the Basic Current Account-i but does not support check services, has a lower deposit requirement, and no account maintenance fees.
• Fees:
  • Minimum deposit: RM 20
  • Minimum balance requirement: RM 20
  • Debit card and withdrawal fees are the same as Basic Current Account-i

3. Qard Current Account-i

• Features: A more feature-rich current account that supports mobile banking, e Debit, and MEPS Cash e-wallet. Available only to Malaysian citizens and permanent residents.
• Fees:
  • Minimum deposit: RM 500
  • Minimum balance requirement: RM 1000 (RM 10 service fee every six months if balance not met)

4. Qard Saving Account-i

• Features: Available to everyone, with similar features to Qard Current Account-i. Offers a free passbook.
• Fees:
  • Minimum deposit: RM 100
  • Minimum balance requirement: RM 10

5. Foreign Currency Account-i

• Features: Supports 8 major currencies, including USD, EUR, GBP, etc. Available to everyone.
• Fees:
  • Minimum deposit: USD 1000 equivalent
  • No account maintenance fees

Bank Islam Account Opening Conditions

1. Basic Current Account-i, Qard Current Account-i

• Age: 18 or older
• Only available to Malaysian citizens or permanent residents
• Minimum deposit: RM 500

2. Basic Savings Account-i

• No age limit (children under 12 must be accompanied by a guardian)
• Only available to Malaysian citizens or permanent residents
• Minimum deposit: RM 20

3. Qard Saving Account-i

• No age limit (children under 12 must be accompanied by a guardian)
• Available to everyone, not limited to citizens or permanent residents
• Minimum deposit: RM 100

4. Foreign Currency Account-i

• Age: 18 or older
• Available to everyone, not limited to citizens or permanent residents
• Minimum deposit: USD 1000 equivalent

Required Documentation for Account Opening

• For Malaysian citizens/permanent residents
  • National ID MyKad
• For foreigners
  • Passport
  • Work visa/residency permit

Account Opening Fees and Process

Minimum Deposits

• Basic Current Account-i, Qard Current Account-i: RM 500
• Basic Savings Account-i: RM 20
• Qard Saving Account-i: RM 100
• Foreign Currency Account-i: USD 1000

Account Opening Process

1. Visit the Bank Islam website to review account types, fees, and opening conditions.
2. Complete the online form and provide personal details. A bank representative will contact you to schedule an appointment.
3. Attend the branch at the scheduled time with the required documents and initial deposit.
4. After successful account opening, the debit card will be mailed to your address.

Wire Transfer Fees

• Incoming wire transfer: RM 3
• Local wire transfer: Branch transfer RM 1 + 0.03%, RENTAS/IBG RM 2
• International wire transfer: Less than RM 5000, RM 24; More than RM 5000, RM 26

For clients looking to open an Islamic bank account, Bank Islam offers a variety of account types to meet different needs. Islamic banking accounts adhere to Sharia law principles, ensuring no interest is charged. Whether you need a current account, savings account, or foreign currency account, Bank Islam provides clear options and corresponding account opening conditions.