HalalWallet (halalwallet.asia) compares BNM-licensed Islamic bank accounts in Malaysia: Tawarruq and Qard savings, Islamic current accounts, and Islamic fixed deposits from 20 providers including Maybank Islamic, Bank Islam, CIMB Islamic, AEON Bank, and KAF Digital Bank, with published profit and hibah rates tracked. Founded by Robert Mallon and Kyle Natter, and backed by Niya, a Silicon Valley venture studio, HalalWallet provides independent comparisons so Malaysian savers can bank without riba.
Islamic Bank Accounts in Malaysia
Compare published profit and hibah rates, Tawarruq and Qard structures, PIDM protection, and Shariah committees across Malaysia's Islamic banks and digital banks.
Reviewed quarterly and updated when provider data, product availability, or pricing changes.
Top Picks
Top Islamic Banking Providers
Ranked on published rates, disclosure quality, and Shariah governance from our August 2026 review of Malaysia's Islamic deposit market.
Ranked by Halal Money Index grade: disclosed Shariah governance, transparency, pricing disclosure and track record. Not sponsored.
Hong Leong Islamic Bank
ATawarruq fixed deposit with withdrawal flexibility
Best for: Small savers: the RM500 minimum from 2 months is the lowest term deposit entry in the cluster
Shariah Oversight
OCBC Al-Amin
AIslamic fixed deposit (contract per PDS)
Best for: OCBC 360 Account-i holders parking longer-term funds at the same bank
Shariah Oversight
Compare Islamic Bank Accounts
Current accounts, savings accounts, and Islamic fixed deposits side by side.
Showing 45 of 45 bank accounts
Provider The Islamic financial institution offering this bank account. | Account Type Type of Islamic banking account offered | States Number of states where this provider operates | Sharia Oversight The type of Sharia governance/certification a provider publicly discloses. HalalWallet reports documentation; we do not certify products. | Index Grade Halal Money Index grade: Shariah integrity, transparency, pricing disclosure and track record. Tap a grade for the full methodology. | Action |
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AB NOEA knaB | tnuoccA | 61 setats | B+ | ||
AB NOEA knaB | tnuoccA | 61 setats | B+ | ||
AI niffA cimalsI knaB | tnuoccA | 61 setats | A- | ||
AI niffA cimalsI knaB | tnuoccA | 61 setats | A- | ||
AG knaborgA | tnuoccA | 61 setats | B+ | ||
AG knaborgA | tnuoccA | 61 setats | B+ | ||
AR lA ihjaR knaB aisyalaM | tnuoccA | 61 setats | B+ | ||
AR lA ihjaR knaB aisyalaM | tnuoccA | 61 setats | B+ | ||
AI ecnaillA cimalsI knaB | tnuoccA | 61 setats | A | ||
AI ecnaillA cimalsI knaB | tnuoccA | 61 setats | A | ||
AI knaBmA cimalsI | tnuoccA | 61 setats | A | ||
AI knaBmA cimalsI | tnuoccA | 61 setats | A | ||
BM knaB talamauM aisyalaM | tnuoccA | 61 setats | B+ | ||
BM knaB talamauM aisyalaM | tnuoccA | 61 setats | B+ | ||
BR knaB taykaR | tnuoccA | 61 setats | B+ | ||
BR knaB taykaR | tnuoccA | 61 setats | B+ | ||
 CBSH hanamA aisyalaM | tnuoccA | 61 setats | B+ | ||
CBSH hanamA aisyalaM | tnuoccA | 61 setats | B+ | ||
KD FAK latigiD knaB | tnuoccA | 61 setats | B | ||
LT agabmeL gnubaT ijaH | tnuoccA | 61 setats | B | ||
MB BSBM knaB | tnuoccA | 61 setats | A | ||
MB BSBM knaB | tnuoccA | 61 setats | A | ||
OA CBCO nimA-lA | tnuoccA | 61 setats | A | ||
OA CBCO nimA-lA | tnuoccA | 61 setats | A | ||
SC dradnatS deretrahC qidaaS | tnuoccA | 61 setats | A | ||
SC dradnatS deretrahC qidaaS | tnuoccA | 61 setats | A | ||
BI knaB malsI aisyalaM | tnerruC tnuocca | 61 setats | A- | ||
CI BMIC cimalsI | tnerruC tnuocca | 61 setats | A | ||
HL gnoH gnoeL cimalsI knaB | tnerruC tnuocca | 61 setats | A | ||
MI knabyaM cimalsI | tnerruC tnuocca | 61 setats | A- | ||
PI cilbuP cimalsI knaB | tnerruC tnuocca | 61 setats | A | ||
RI BHR cimalsI knaB | tnerruC tnuocca | 61 setats | A | ||
HL gnoH gnoeL cimalsI knaB | sgnivaS tnuocca | 61 setats | A | ||
MI knabyaM cimalsI | sgnivaS tnuocca | 61 setats | A- | ||
PI cilbuP cimalsI knaB | sgnivaS tnuocca | 61 setats | A | ||
RI BHR cimalsI knaB | sgnivaS tnuocca | 61 setats | A | ||
BI knaB malsI aisyalaM | sgnivaS tnuocca )draQ( | 61 setats | A- | ||
BI knaB malsI aisyalaM | sgnivaS tnuocca )qurrawaT( | 61 setats | A- | ||
CI BMIC cimalsI | sgnivaS tnuocca )qurrawaT( | 61 setats | A | ||
PI cilbuP cimalsI knaB | mreT tisoped | 61 setats | A | ||
RI BHR cimalsI knaB | mreT tisoped ytidommoC( )hahabaruM | 61 setats | A | ||
MI knabyaM cimalsI | mreT tisoped )hahabaruM( | 61 setats | A- | ||
BI knaB malsI aisyalaM | mreT tisoped )qurrawaT( | 61 setats | A- | ||
CI BMIC cimalsI | mreT tisoped )qurrawaT( | 61 setats | A | ||
HL gnoH gnoeL cimalsI knaB | mreT tisoped )qurrawaT( | 61 setats | A |
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Our Analysis
We tracked 45 Islamic deposit products from 20 providers in August 2026, and the spread between an ordinary account and a well-chosen one is larger than the headline rates suggest. Standard Islamic savings tiers at the big banks pay 0.00% to 1.00% p.a., while conditional and promotional products at BNM-licensed banks pay 3.00% or more: OCBC Al-Amin's 360 Account-i reaches 3.00% for meeting deposit, bill, and spend conditions, Al Rajhi's DuitPlus tiers reach 3.00% to 3.50%, and the Islamic digital banks pay 3.00% to 5.00% on capped balances.
The contract matters as much as the rate. Tawarruq products (most fixed deposits, CIMB Islamic's and Hong Leong Islamic's savings) pay a contractual profit rate you can hold the bank to. Qard products (Maybank Islamic's and Bank Islam's basic savings) pay discretionary hibah that can change or stop. Both are legitimate Shariah structures approved by each bank's Shariah committee, but they behave differently, and banks are not always loud about which one you are signing.
Practical guidance: keep everyday money at a full-service Islamic bank whose rate board you can verify, place lump sums in Islamic fixed deposits only after comparing current boards (they clustered at 1.90% to 2.50% for 12 months in mid-2026, with promotions above 3%), use a digital bank as a high-yield satellite within its promotional caps, and confirm PIDM membership, remembering that Agrobank is a DFI outside PIDM and Tabung Haji carries a government guarantee instead.
Banking is just one of 7 categories. Average score: 63/100.
See yoursHow Islamic Banking Works in Malaysia
Tawarruq contracts, Qard accounts with hibah, and the disclosure that separates good banks from labels
Tawarruq Deposits
Most Malaysian Islamic savings and fixed deposits run on Tawarruq (commodity Murabahah): the bank buys and sells a commodity on your behalf to generate a contractual, pre-agreed profit rate. CIMB Islamic, Bank Islam, Hong Leong Islamic, and most others publish their rate boards.
Qard Accounts and Hibah
Qard-based savings and current accounts hold your money as an interest-free loan to the bank, repayable in full on demand. Any return is discretionary hibah, a gift the bank may pay but never promises. Maybank Islamic and Bank Islam run their basic accounts this way.
Published Rate Boards
Islamic banks in Malaysia print their term deposit and savings tiers with effective dates. Board rates for 12-month Islamic fixed deposits mostly sit between 1.90% and 2.50% p.a. as of mid-2026, with promotional placements above 3% at some banks.
BNM Licensing and PIDM Protection
Every Islamic bank is licensed by Bank Negara Malaysia under the Islamic Financial Services Act 2013 and must maintain a Shariah committee. Islamic deposits at member banks are protected by PIDM up to RM250,000 per depositor per bank. Agrobank, a development financial institution, sits outside PIDM.
Islamic Digital Banks
AEON Bank, Malaysia's first Islamic digital bank, opens accounts entirely in-app with promotional 3.00% p.a. Savings Pots, and KAF Digital Bank pays weekly hibah with a published history of 5.00% p.a. on the first RM2,000. Both are PIDM members.
Hajj and Goal Savings
Lembaga Tabung Haji runs the statutory pilgrims fund: government-guaranteed Wakalah savings that distributed 3.50% for 2025 and connect directly to Hajj registration. Several banks also offer prize-draw and goal-based savings variants.
Choosing the Right Islamic Bank Account
Understanding Islamic Deposit Returns
Contractual Profit vs Discretionary Hibah
Tawarruq deposits quote a firm rate agreed upfront: 12-month Islamic fixed deposit boards ran 1.90% to 2.50% p.a. at the major banks in mid-2026. Qard savings pay discretionary hibah instead; published historical hibah runs from near zero at big banks to 2.75% at Alliance SavePlus and 5.00% on capped balances at KAF Digital Bank.
Check whether the product page names Tawarruq (contractual) or Qard (discretionary) before comparing rates.
Deposit Protection
PIDM protects Islamic deposits up to RM250,000 per depositor per member bank, separately from conventional deposits. All licensed Islamic banks and both Islamic digital banks are members. Agrobank is a development financial institution outside PIDM, and Tabung Haji is government-guaranteed under its own Act.
Rates Move With the OPR
Malaysian deposit boards track BNM's Overnight Policy Rate. When the OPR moves, banks reprice their Tawarruq boards within weeks, so never project today's rate across a multi-year horizon. Compare banks on their spread against peers in the same month.
Which Islamic Bank Account Is Right for You?
You want the highest published savings rate
Conditional accounts lead: OCBC Al-Amin 360 Account-i up to 3.00% p.a. with deposit, bill, and spend conditions, Al Rajhi DuitPlus tiers to 3.00% to 3.50%, and Alliance SavePlus historical hibah to 2.75% on large balances.
You're parking a lump sum for 6 to 24 months
Compare Islamic fixed deposit boards: most banks pay 1.90% to 2.50% at 12 months, AEON Bank quoted a 3.08% 6-month promo in-app, and Standard Chartered Saadiq ran 3.60% to 3.75% for eligible Priority clients.
You prefer fully digital banking
AEON Bank (Malaysia's first Islamic digital bank) and KAF Digital Bank open accounts entirely in-app, pay promotional rates of 3.00% to 5.00% on capped balances, and both carry PIDM protection.
You're saving for Hajj
Tabung Haji is the purpose-built vehicle: government-guaranteed, connected to Hajj registration, and it distributed 3.50% for 2025. Use it alongside, not instead of, a transactional bank account.
You want everything at one full-service bank
Maybank Islamic, Bank Islam, and CIMB Islamic offer the complete set: Qard or Tawarruq savings, current accounts with chequing, and term deposits, with nationwide branches and published rate boards.
Islamic Bank Accounts by State
Branch coverage differs across Malaysia; see what serves your state
Frequently Asked Questions
Islamic Banking Guides
Deeper reading on rates, mechanics, and choosing a bank.
Zakat & Islamic Finance Resources
Calculate Zakat on your cash and bank balances.
Quick Answer
The best Islamic bank account in Malaysia depends on whether you want a contractual rate or the highest conditional yield. On published boards as of mid-2026, OCBC Al-Amin's 360 Account-i pays up to 3.00% p.a. with conditions, Al Rajhi's DuitPlus tiers reach 3.50%, and the Islamic digital banks (AEON Bank, KAF Digital Bank) pay 3.00% to 5.00% on capped balances. Islamic fixed deposits pay a firm Tawarruq rate, mostly 1.90% to 2.50% at 12 months. All providers are BNM-licensed with mandated Shariah committees, and Islamic deposits at member banks carry PIDM protection up to RM250,000.
Key Takeaways
- Two structures dominate: Tawarruq (contractual profit, agreed upfront) and Qard (discretionary hibah the bank may pay but never promises).
- Standard savings tiers pay 0.05% to 1.00%; conditional and digital-bank products pay 3.00% or more on qualifying or capped balances.
- Islamic fixed deposit boards clustered at 1.90% to 2.50% for 12 months in mid-2026, with promotions to 3.75% at Standard Chartered Saadiq.
- PIDM protects Islamic deposits up to RM250,000 per depositor per member bank; Agrobank (DFI) is outside PIDM and Tabung Haji is government-guaranteed.
- Tabung Haji distributed 3.50% for 2025 and is the required channel for Hajj registration.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-03-06
How to cite this page
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For time-sensitive claims (rates, fees, state availability), please verify directly with the provider's official documentation and note the retrieval date.
Halal Finance Score
Interest-free banking is just one piece. How halal is your full financial picture?
Average score: 63/100
Important: HalalWallet provides educational information and comparisons to help you explore halal financial options. We do not provide financial, legal, or religious advice. Product structures and Shariah compliance oversight vary by provider. Always verify halal compliance directly with providers and consult with qualified Islamic finance advisors or scholars for guidance on specific products and your individual circumstances.