What is the RHB Islamic Commodity Murabahah Deposit-i all about?
Commodity Murabahah Deposit-i is an Islamic investment account from RHB which gives you profit collected from transactions of commodities such as palm oil or copper based on the Shariah concept of Tawarruq.
This investment account by RHB Islamic Bank is a good choice if you’re looking to keep your money growing with high profit rates - surely higher than any Savings or Current account!
What are the requirements?
To qualify you need to be 18 years of age and above – whether you're applying for a personal account or company.
You can choose from short, medium and long term tenures between 1 month, or up to 5 years.
A minimum of investment of RM1,000 is required for all tenures. RHB Islamic Bank will inform you of the profit rates at maturity, once you've placed your deposit.
When can I collect the profits of my investment with RHB?
RHB Islamic Bank lets you choose your profit payment options; you can choose between monthly, quarterly, half-yearly, yearly, upon maturity and upfront profit.
Can I make early withdrawals?
Effective from January 2019, when you make a premature withdrawal of your money in fixed deposit account, no profit will be paid on the withdrawn amount, regardless of the number of completed months at the time of premature withdrawal.
My account has already matured. Can I renew this Fixed Deposit?
Yes, RHB allows for auto-renewal of your Commodity Murabahah Deposit-i account.
However if you choose upfront payment for your profits, this auto-renewal feature is not allowed.
Is my Fixed Deposit account secured?
This fixed deposit account by RHB Islamic is secured under protection from Perbadanan Insurans Deposit Malaysia (PIDM).
As long as your placement does not exceed RM250,000, your money is insured. However if you’d like to invest above this amount, it is recommended that you deposit your money in separate accounts below RM250,000.