Alliance Islamic Bank Alliance SavePlus Account-i
Islamic Bank Accounts in Penang
Tiered Islamic savings account from Alliance Islamic Bank paying historical hibah (Qard concept) of 0.95% p.a. from RM20,001, rising to 2.60% above RM200,000 and 2.75% p.a. above RM500,000 (published rates effective 15 July 2025). Balances up to RM20,000 earn no hibah.
SavePlus is built for large balances: park RM500,000 and the 2.75% discretionary hibah beats Alliance's own 12-month term deposit rate (2.45%), with daily liquidity. Below RM20,000 it pays nothing at all, making it a poor first account. The Qard disclosure is textbook-correct - dated table, discretionary language - which we rate above vaguer 'up to X%' marketing. Crawled 6 Aug 2026.
Pros
- 2.60%-2.75% top tiers rival term deposit rates without locking funds
- Dated, on-page rate table with honest Qard disclaimers
- No fall-below fees mentioned; tiers are transparent
Cons
- First RM20,000 earns nothing - small savers get zero return
- Hibah is discretionary and can be reduced without breach
- Meaningful returns require RM50,000+; the best rates need RM200,000+
Open Account
Visit Alliance Islamic Bank's website to learn more and get started.
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Alliance Islamic Bank in Penang
Alliance Islamic Bank's account serves customers in Penang. Malaysian Islamic accounts pay contracted Tawarruq profit or discretionary hibah depending on the underlying contract, never interest. Deposits at PIDM member banks are protected up to RM250,000 per depositor per member bank; check each provider's membership status, which our profiles document. Alliance Islamic Bank operates across Malaysia, so Penang residents have full access to this product.
Shariah Compliance & Oversight
Overseen by Alliance Islamic Bank Berhad's Shariah Committee: Dr. Tuan Badrul Hisyam Tuan Soh (Chairman since 1 June 2021, member since 1 April 2020), Tuan Haji Rustam Mohd Idris, Prof. Dr. Muhamad Rahimi Osman, Asst. Prof. Dr. Muhammad Naim Omar and Ustaz Ahmad Fauwaz Ali @ Fadzil, per the bank's committee page (crawled 6 Aug 2026). BNM-licensed under IFSA 2013; PIDM member.
2026-08-06
Why It's Halal
Structured on the Qard (benevolent loan) concept: the bank may grant hibah (gift) at its discretion, and Alliance publishes the historical hibah tiers with an effective date and the required disclaimer that past hibah is not a promised return - exactly how Qard deposits must be presented to stay compliant. Alliance Islamic Bank Berhad is a BNM-licensed Islamic subsidiary under IFSA 2013; deposits are PIDM-protected.
Regional Availability
Alliance Islamic Bank serves all of Malaysia
✓ Available nationwide including Penang
Open Account: Alliance Islamic Bank
Visit Alliance Islamic Bank's website to get current terms, check eligibility for Penang, and get started today.
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NationwideFrequently Asked Questions
What is Alliance Islamic Bank Alliance SavePlus Account-i?
Why is Alliance Islamic Bank Alliance SavePlus Account-i considered halal?
Is Alliance Islamic Bank Alliance SavePlus Account-i available in Penang?
What Shariah oversight does Alliance Islamic Bank have?
What financing structure does Alliance Islamic Bank Alliance SavePlus Account-i use?
How do I apply for Alliance Islamic Bank Alliance SavePlus Account-i in Penang?
What Islamic banking options does Penang offer in person?
How do Penang investors access Shariah funds?
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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.