Bank Islam Malaysia Qard Savings Account-i
Islamic Bank Accounts in Selangor
Bank Islam's basic savings account based on the Qard contract, printed in full on the page: the bank may use deposited funds, guarantees repayment of the whole balance on demand, and may at its absolute discretion give reward (hibah), which the page notes may be paid monthly. Minimum opening RM100, minimum balance RM10, open to all ages (individual from 12, trust below 12, joint accounts), with free passbook on request, Bankcard, salary crediting, standing instructions, bill payment and BIMB internet/mobile banking. PIDM protected up to RM250,000 (crawled bankislam.com 2026-08-06).
The purist's savings account: a loan to the bank, full repayment guaranteed, any extra is a gift, and Bank Islam actually prints all of that. Most savers at Bank Islam should prefer Awfar's contractual Tawarruq profit at identical entry terms, but for those who want the simplest fiqh position with zero return-conditionality, this is the cleanest disclosure in the Malaysian market.
Pros
- Exemplary contract transparency, including who owns the investment profit
- Low entry and low maintenance balance
- Whole bank is Islamic, so no window-screening needed
Cons
- No contractual return; hibah is discretionary and unquantified
- Awfar (Tawarruq) at the same bank pays contractual profit at the same RM100 entry
- Branch-oriented account opening
Open Account
Visit Bank Islam Malaysia's website to learn more and get started.
See pricing & termsOpens Bank Islam Malaysia's site, no obligation
Product Details
Account Type
Savings account (Qard)
Min Deposit
RM100
Structure
Qard: guaranteed principal; hibah entirely at bank's discretion
Bank Islam Malaysia in Selangor
Bank Islam Malaysia's Savings account (Qard) serves customers in Selangor. 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 Selangor 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
Full contract disclosure: the page prints the Qard mechanics verbatim, including that profit generated by the bank belongs to the bank and any customer hibah is discretionary, which is the honest way to run a loan-based deposit. Terms and conditions PDFs are versioned with effective dates (1 July 2026 current). Oversight is the named six-member Group Shariah Supervisory Council of Malaysia's first Islamic bank (crawled bankislam.com 2026-08-06).
Regional Availability
Bank Islam Malaysia serves all of Malaysia
✓ Available nationwide including Selangor
Open Account: Bank Islam Malaysia
Visit Bank Islam Malaysia's website to get current terms, check eligibility for Selangor, and get started today.
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NationwideFrequently Asked Questions
What is Bank Islam Malaysia Qard Savings Account-i?
Why is Bank Islam Malaysia Qard Savings Account-i considered halal?
Is Bank Islam Malaysia Qard Savings Account-i available in Selangor?
What Shariah oversight does Bank Islam Malaysia have?
What financing structure does Bank Islam Malaysia Qard Savings Account-i use?
How do I apply for Bank Islam Malaysia Qard Savings Account-i in Selangor?
Which Islamic banks operate in Selangor?
Does zakat paid in Selangor reduce my income tax?
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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.