Bank Islam Malaysia Term Deposit-i Tawarruq (TDT-i)
Islamic Bank Accounts in Penang
Bank Islam's capital-guaranteed term deposit under Tawarruq, with the upfront profit rate contracted at point of sale. Tenures run 1 to 60 months (monthly steps to 12 months, quarterly steps 15 to 60), minimum placement RM1,000 for 1 month or RM500 for 2 months and above with no maximum, profit paid at maturity (up to 1 year) or half-yearly (above 1 year). The underlying commodity is Crude Palm Oil or other Shariah-approved commodity; brokerage is absorbed by the bank (on premature withdrawal the customer pays 50% of third-party brokerage, deducted from the sale price). Premature withdrawal is allowed with no profit paid; partial withdrawal is not allowed. Auto-renewal at prevailing rates, certificate or eCertificate operation, PIDM protected (crawled bankislam.com 2026-08-06).
TDT-i is the model for how to document a Tawarruq deposit: commodity named, both sales explained, brokerage allocation printed, early-exit cost quantified. The RM500 door is the lowest among the six banks. What is missing is the number: Bank Islam does not print the rate card, so you must ask, while Public Islamic (2.00% at 13 to 60 months), HLISB (2.00% at 13 to 60 months) and RHB (1.90% at 6 to 12 months) publish theirs. Structure: best in class. Rate transparency: behind its peers.
Pros
- Deepest structural disclosure of any Malaysian term deposit page we crawled, including brokerage treatment
- RM500 entry undercuts Maybank, CIMB and Public Islamic (RM1,000)
- Half-yearly profit payment on long tenures aids cash flow
Cons
- No published rate card on the page (peers print current rates)
- Premature withdrawal pays zero profit plus half the broker fee
- No partial withdrawal, unlike CIMB's FD-i flexible withdrawal variant
Open Account
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Product Details
Account Type
Term deposit (Tawarruq)
Min Deposit
RM1,000 for 1 month; RM500 for 2 months and above
Structure
Fixed upfront via commodity Murabahah sale price; paid at maturity (to 1 year) or half-yearly (beyond)
Bank Islam Malaysia in Penang
Bank Islam Malaysia's Term deposit (Tawarruq) 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. Bank Islam Malaysia operates across Malaysia, so Penang residents have full access to this product.
Shariah Compliance & Oversight
Bank Islam's Group Shariah Supervisory Council (GSSC) reports functionally to the Board and is named in full on the bank's leadership page: Ir Dr Muhamad Fuad Abdullah (Chairman), Sahibus Samahah Prof. Dato' Dr Asmadi Mohamed Naim, Dr Shamsiah Mohamad, Datu Haji Kipli Haji Yassin, Prof. Dr Wan Abdul Fattah Wan Ismail and Prof. Emeritus Dato' Dr Mohd Azmi Omar. The GSSC has a published Charter and Terms of Reference and performs oversight of all Shariah matters across the group (bankislam.com/corporate-info/about-us/leadership/ and /corporate-info/corporate-governance/, crawled 2026-08-06).
2026-08-06
Why It's Halal
Unusually complete Tawarruq disclosure: the page defines the two-sale structure, names the commodity (Crude Palm Oil), states who bears brokerage in normal and early-exit cases, and explains that returns derive from the contracted Murabahah sale price, which is why capital and profit can be guaranteed. T&Cs are versioned (effective 19 January 2023). Oversight is the named six-member GSSC. Honest caveat: the current profit rate itself is not printed on the page and must be obtained at booking (crawled bankislam.com 2026-08-06).
Regional Availability
Bank Islam Malaysia serves all of Malaysia
✓ Available nationwide including Penang
Open Account: Bank Islam Malaysia
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NationwideFrequently Asked Questions
What is Bank Islam Malaysia Term Deposit-i Tawarruq (TDT-i)?
Why is Bank Islam Malaysia Term Deposit-i Tawarruq (TDT-i) considered halal?
Is Bank Islam Malaysia Term Deposit-i Tawarruq (TDT-i) available in Penang?
What Shariah oversight does Bank Islam Malaysia have?
What financing structure does Bank Islam Malaysia Term Deposit-i Tawarruq (TDT-i) use?
How do I apply for Bank Islam Malaysia Term Deposit-i Tawarruq (TDT-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.