To open Bank Muamalat’s Fixed Term Account-i with Bank Muamalat, you will need to provide the following documents:

• A completed application form
• Identification card (IC) or passport
• Utility bills (e.g., water/electricity/telephone bills, Quit Rent, Assessment Notice) in the name and address of the customer opening the account
• Income verification (e.g., salary slip or tax return) if applicable
• For non-residents, additional documents may be required

The process of opening and activating Bank Muamalat’s Fixed Term Account-i typically takes 1 to 2 business days, provided all required documents are complete and in order. You will receive confirmation once your account is successfully opened.

Bank Muamalat does not charge any fees for opening or maintaining Fixed Term Account-i. However, there is a fee for replacing a lost Fixed Term Account-i (FTA-i) receipt.

If you decide to make an early withdrawal from your Bank Muamalat’s Fixed Term Account-i, you will forfeit the profit earned on the deposit. The specific terms and conditions regarding early withdrawals will be detailed in your account agreement.

To determine the current profit rate for Bank Muamalat’s Fixed Term Account-i, you can:

• Visit Bank Muamalat’s Fixed Term Account-i page for the latest rates
• Contact Bank Muamalat customer service
• Visit a branch for assistance

Bank Muamalat’s Fixed Term Account-i operates under Shariah concept of Tawarruq. Tawarruq involves purchasing a commodity on a deferred payment basis and then selling it at cost plus profit to generate cash. This product employs a combination of Shariah contracts, including:

• Tawarruq: The process where a commodity is bought and sold to provide liquidity.
• Murabahah: The sale of the commodity at a marked-up price. The Bank acts as an agent to purchase the commodity on behalf of the customer and then sells it to the customer at a profit margin.
• Wakalah: The customer appoints Bank Muamalat Malaysia Berhad as an agent to handle the purchase and sale of the commodity.
• Hamish Jiddiyyah: A deposit or security amount held as part of the transaction.
• Wa`d: A promise, where the Bank commits to purchasing the commodity at a specified future date.