Previously we look at conventional fixed deposit rate for May 2010. However, if you prefer to deposit in Islamic Fixed Deposit Account or commonly known as General Investment Account (GIA-i) instead of conventional fixed deposit account, the rates are shown in the table below.
Kindly note that, the rate showed in the table below are only indicative. It means that, the rates may changes according to agreed profit sharing ratio. This table are no longer maintained. To get the latest rates kindly browse Latest Islamic Fixed Deposit (FD) Rates page.
|Banks||Rates % (p.a.)||Partial Withdrawal||Frequency of Dividend Payment|
|Affin Bank||2.26||2.31||2.47||2.53||2.77||Yes||Upon maturity|
|Alliance Bank||2.27||2.31||2.35||2.41||2.77||No||Upon maturity|
|CIMB Bank||2.25||2.30||2.35||2.45||2.75||No||Upon maturity|
|EON Bank||2.03||2.04||2.08||2.04||2.55||No||Upon maturity|
|Hong Leong Bank||2.3||2.35||2.4||2.4||2.75||No||Upon maturity|
|OCBC Bank||2.25||2.3||2.3||2.3||2.6||No||Upon maturity|
|RHB Bank||2.19||2.3||2.49||2.67||2.84||No||Upon maturity|
|Standard Chartered Bank||2.25||2.25||2.25||2.4||2.6||Yes||Upon maturity|
Please note that Islamic Banks does not give out interest rate. I suggest that you change it to Profit/Dividend.
Yes, Islamic product have no interest rate.
I did not mention “interest rate” in the post. I only mention “rate”. In this case it should be “profit rate” or “dividend rate”
What is the difference between “interest rate” vs “profit/dividend rate” from user earning perspective? I think no?
I’m referring to the table at the bottom of the post. Its stated Frequency of Interest Payment.
There may not be much different from customer perspective, but some people are very particular and may not accept interest income as it is prohibited in Islam. Contract apply for the GIA is also different from conventional and that makes it Syariah compliance. Just to share; Quran is not the only book that mentions interest is prohibited.
Oh I miss that one. OK, corrected now. Thanks for point it out.