Bank accounts play a big role in businesses of all sizes. Be it Micro SMEs, start-ups, or multinational corporations, most businesses rely on business banking products to carry out monetary transactions, as well as provide financing for growth and expansion.
Today in Malaysia’s unique dual financial system, business owners have a choice between conventional banking and Islamic banking products. Furthermore, Islamic banking products have grown in popularity as more people are accepting and understanding that Islamic banking services are not only for Muslims but also open to non-Muslim enterprises.
What is Islamic Banking?
Islamic banking differs from conventional banking because the principles of Islamic banking are rooted in and compliant with the Shariah law. Now, this does not mean that Islamic banking is religious and only available to the Muslim community.
Rather, these underlying principles are inclusive for all consumers and encourage accountability. The main principles include mutual risk and profit-sharing between parties, transparency, and encouraging a wide circulation of wealth in the economy.
To that, there has been a growing acceptance of Islamic banking products in Malaysia. According to the Bank Negara Malaysia Annual Report 2019, financing from Islamic financial institutions accounted for almost 40% of total financing in the banking sector. Meanwhile, Islamic deposits and investments have grown by 11.3% over 2017 – 2019, compared to the 1.8% of conventional deposits over the same period.
Islamic banking solutions are also advantageous to businesses seeking to expand into “halal” market, which is a rapidly growing trillion-dollar industry that encompasses food, cosmetics, health, and other lifestyle products, as they offer end-to-end Shariah-compliant financial products to support halal businesses.
With this demand in mind, UOB Malaysia launched its Islamic Banking business in 2016. Employing 80 years of experience of a leading bank in Southeast Asia, UOB Malaysia’s Islamic Banking products offer businesses comprehensive solutions to meet the country’s growing demand for Shariah-compliant products. One such product is the Current Account-i for businesses.
Current Account-i — Your Business’s Islamic Banking Solution
The Current Account-i is a step forward for SME and commercial business owners keen on exploring Islamic banking and finance solutions for their business. This current account for businesses offers the same conveniences as UOB’s conventional current account but with the added benefit of being Shariah-compliant.
With a minimum initial deposit of RM1,000, you’ll get access to 24/7 digital banking services via UOB Business Internet Banking (BIB) and monthly e-statements when you open a Current Account-i.
What’s more, since UOB Malaysia has one of the largest branch networks for an international bank in Malaysia, you can gain access to Islamic banking services at all 45 branches. Thus, giving you banking support throughout the country.
Gain Access To Exclusive Services For Your Business and Employees
That’s not all, with Current Account-i, it’s not only business owners that gain an edge, but the company employees benefit as well. Corporate customers will gain access to UOB’s Corporate Employee Program-i which offers your company employees preferential Islamic FD rates and exclusive banking products.
Meanwhile, you, as a business owner, gain access to more Cash Management and Islamic Trade and Financing facilities to boost business expansion and growth.
|Corporate Employee Program-i (CEP-i)||The CEP-i provides your company employees a variety of benefits when they do their banking with UOB Malaysia Islamic Bank. These include:
● Islamic Fixed Deposit Preferential Rate
● ProSave Account-i with Takaful coverage
● Preferential Financing Rates
● Lower Unit Trust Sales Charge Rate
● MEPS Fee Waiver
|Cash Management||● Business internet banking
● Cashless solutions
● Collection reconciliation
● Bill repayment
● Virtual account
|Islamic Trade and Financing||● Contract financing
● Letter of credit-i
● Trust receipts-i
● Bankers acceptance-i
● Bank guarantee-i
● BizProperty Term Financing-i
● Revolving credit-i
● 15-years commercial property financing
List of exclusive services for Current Account-i holders
So, if you’re looking for Shariah-compliant banking solutions for your company, why not consider the UOB Current Account-i as your first introduction into Islamic banking?
Specifically designed for businesses of all sizes and across all customer segments, the UOB Current Account-i offers business owners a convenient banking solution complete with all the perks of a current account, the added benefit of being Shariah-compliant, and access to exclusive services.
What’s more, for a limited time, new Current Account-i customers will also be rewarded with an exclusive gift from UOB Malaysia Islamic Banking.