29 Jun '11, 1pm

#mbbnews Maybank's Syariah-compliant savings account for Haj pilgrims

SINGAPORE : Maybank Singapore has launched Singapore's first Syariah-compliant savings account for pilgrims going on the Haj - the Muslim religious pilgrimage to Mecca. The Ar Rih-la regular savings account is essentially a Syariah-compliant passbook savings account that is based on the Wadiah concept, which guarantees that customers' savings are free from interests. However, savers may be rewarded with a bonus gift, or hibah, at the end of each 12-month period. Maybank said the product is available at all its branches and supported by the Singapore Islamic Scholars & Religious Teachers Association, or PERGAS. Like any ordinary savings account, the deposits are guaranteed up to S$50,000 under the Deposit Insurance Scheme in Singapore, and customers can withdraw any amount when the need arises. At the bank's discretion, customers may be rewarded with the bonus gift if they ...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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