Islamic Cooperative Bank of Malaysia (ICBM) has received the permission from Cooperative Commission of Malaysia (CCM) on 27th November 2010 to start banking operations. ICBM is owned by Angkatan Koperasi Kebangsaan Malaysia Bhd (Angkasa),
ICBM is the third cooperative bank in the country. The other two existing cooperative banks are Bank Kerjasama Rakyat Malaysia Bhd (Bank Rakyat) and Bank Persatuan Malaysia Bhd (Bank Persatuan).
The new cooperative bank is established a with minimum paid-up capital of RM300 million from the share capital of the existing credit and non-credit cooperatives members.
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Fixed Deposit is known to be one of the most secure investment but with a lower return. If you like to invest your money in fixed deposit you may choose from the list below to maximize your return.
Since July 2010, fixed deposit rate does not change very much because Bank Negara maintain the OPR at 2.75% since then. However, banks do make some adjustment to their rate.
The table below are the latest conventional fixed deposit rate as of December 2010.
You may look at this page for the most up to date rates. Alternatively you may want to look at Islamic Fixed Deposit or General Investment Account (GIA-i) rates.
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This post is the continuation of the previous post, “Why Should I Invest or Trade in US Stock Market?”
There are two ways for you to invest in US Stock Market. The first option is to go through our local brokers such as OSK Investment Bank and the second option is to open an account with US based brokers.
I prefer to use the second option by opening an account with US based brokers. The main reasons I choose US based broker are, lower brokerage fees and less forex risk or currency exchange rate.
For comparison, our local brokers may charge about RM40 (~USD13.00) per trade while with US broker, the charges is as low as ~RM8 (USD2.50) per trade. Regarding forex risk, with local brokers you have to do currency exchange each time transaction is made. This is not the case if you are using US based brokers.
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As highlighted during 2011 Budget, Prime Minister of Malaysia recently launched Amanah Hartanah Bumiputera (AHB) investment fund. AHB is managed by Pelaburan Hartanah Bhd (PHB) and has the fund size of 1 billion units. The fund size will be increased by another 500 million units next year.
AHB is a syariah compliant unit trust scheme and it would enable Bumiputera investors to own real estate assets with a minimum investment of RM500 and maximum of RM200,000.
Subsequently, additional investment can be done in multiple of RM100. For withdrawal, investors are allowed to do it once a month with minimum amount of RM500. Minimum account balance is RM500.
It is open to Bumiputera above three months of age, with investors below the age of 18 requiring a Malaysian legal guardian signatory.
The unit trust is a fixed price fund and will be sold at RM1 a unit. Bumiputera who are interested to participate in the scheme can go to Maybank branches nationwide to buy the AHB units.
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Citibank Global Transfer gives you the convenience of transferring funds online instantly between your own Citibank accounts and other Citibank accounts across Asia-Pacific. It can be done at ay times, 24 hours a day, 7 days a week through your online banking account.
With Citibank Global Transfer, you have an option for fund transfers in local currency or other foreign currency. Every transfer subjected to flat transfer fee of USD10 per transaction.
There is no minimum amount you can transfer per transaction. However, there is a maximum limit up to USD 12,500 per day and multiple transactions is allowed.
To set up a Citibank Global Transfer, you just need the recipient’s name and account number. Funds are debited from your account and credited to the recipient’s account instantly.
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