What do I need to know about AmBank Islamic AmQuantum Term Deposit-i?
This investment account is a Shariah compliant investment account based on the Islamic concept of Commodity Murabahah, where you appoint AmIslamic as your agent to conduct and execute a Shariah compliant investment on your behalf - for the profit of both!
To open this Term Deposit-i, you need a minimum of RM5,000. You can choose to place your investments for 15, 18, 21, 24, 36, 48 or a maximum of 60 months.
It is also compulsory to have a Savings or Current Account with the bank, as your profit will be credited to this account.
To open a Savings Account, the minimum deposit is RM20.
How do I withdraw the money?
You can choose to receive your profit every quarter where the bank will credit it into your Savings or Current Account.
Optional is to withdraw the profit together with your investment when it is matured.
Can the bank automatically renew it?
Yes, if the bank does not receive any instruction from you.
Can I still get the interest if I withdraw the money earlier before the tenure expired?
This depends on how long you have placed the investment.
If you withdraw your investment in less than three months, the bank will not pay you any profit. If it is more than three months of placement, you will get the profit at lower profit rate on each completed months.
Partial withdrawal from account is NOT allowed.
Is this protected?
Yes, this deposit account is protected by PIDM up to RM250,000 for each depositor.
Is there any risk with this investment?
Yes, there are market risk where you may received a different profit rate as the profit is only determined on maturity date as well as credit risk as this is a deposit account.