IslamicFinance.de

Maybank Islamic Bhd expects the bulk of its mudarabah deposit account holders to reclassify their accounts to mudarabah investment account (IA), in compliance with Bank Negara’s requirement. Chief executive officer Muzaffar Hisham said the 350,000 customers of the bank’s existing mudarabah deposit products had been given until May 31 to consent to either have their accounts reclassified as IA or other syariah-compliant deposit products. Some 70%-80% of the bank’s customers were expected to make the switch as the IA was a compliance requirement arising from the central bank’s Islamic Financial Services Act 2013.