Bank Islam Malaysia Awfar Savings Account
Islamic Bank Accounts in Terengganu
Bank Islam's prize-draw savings account based on Tawarruq (two sale and purchase contracts, defined on the page), where deposits earn contractual profit credited monthly and account balances earn entries into the Awfar prize draws (draw eligibility, categories and prizes last updated effective 1 July 2026). Minimum opening deposit RM100 with RM10 minimum balance, principal and profit guaranteed, Bank Islam Visa Debit Card-i, salary crediting, standing instructions and BIMB Web/Mobile access. Open to individuals aged 12 and above (trust accounts below 12), joint and trust customers. Protected by PIDM up to RM250,000 per depositor (crawled bankislam.com 2026-08-06).
Awfar is Bank Islam's answer to conventional prize-linked savings, done under Tawarruq so the base return is contractual and the prizes are bank-funded gifts. The governance story is strong (named GSSC, published draw terms updated July 2026), but the base profit rate is not printed, so treat the draws as a bonus rather than the reason to save. For pure published yield, Public Islamic's tiered CM accounts and HLISB's rate cards are easier to price-check.
Pros
- Rare combination of contractual profit plus prize draws, with the draw rules published
- RM100 entry and RM10 minimum balance keep it accessible
- Full-fledged Islamic bank: no conventional funds commingling at entity level
Cons
- Profit rate not printed on the page
- Prize-draw appeal depends on draw odds the page does not quantify
- Passbook only on request; branch-centric servicing
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 (Tawarruq)
Min Deposit
RM100
Structure
Tawarruq sale profit credited monthly; principal and profit guaranteed per page
Bank Islam Malaysia in Terengganu
Bank Islam Malaysia's Savings account (Tawarruq) serves customers in Terengganu. 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 Terengganu 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
The page prints the Tawarruq definition, states 'Principal and Profit Guaranteed: Yes' (possible under Tawarruq because the return is a sale price, not interest) and shows monthly profit crediting. Prize draws funded by the bank on top of a real Tawarruq return sit within the classical hibah framework since they are discretionary gifts, not a condition of the deposit contract; the bank publishes the draw T&Cs, dates list and FAQs. Oversight is Bank Islam's named six-member Group Shariah Supervisory Council. Honest caveat: the profit rate itself is not printed on the page (crawled bankislam.com 2026-08-06).
Regional Availability
Bank Islam Malaysia serves all of Malaysia
✓ Available nationwide including Terengganu
Open Account: Bank Islam Malaysia
Visit Bank Islam Malaysia's website to get current terms, check eligibility for Terengganu, and get started today.
See pricing & termsOpens Bank Islam Malaysia's site, you're not committing to anything
Compare With Other Options in Terengganu
44 other bank accounts products available to Terengganu residents
Islamic digital savings with Savings Pots (contract per PDS) · Nationwide
NationwideIslamic term deposit, fixed profit (contract per PDS) · Nationwide
NationwideFixed-return Islamic term account (contract per PDS) · Nationwide
NationwideFrequently Asked Questions
What is Bank Islam Malaysia Awfar Savings Account?
Why is Bank Islam Malaysia Awfar Savings Account considered halal?
Is Bank Islam Malaysia Awfar Savings Account available in Terengganu?
What Shariah oversight does Bank Islam Malaysia have?
What financing structure does Bank Islam Malaysia Awfar Savings Account use?
How do I apply for Bank Islam Malaysia Awfar Savings Account in Terengganu?
What personal financing suits Terengganu's civil servants?
How do Terengganu savers use Tabung Haji?
Halal Finance Score
Interest-free banking is just one piece. How halal is your full financial picture?
Average score: 63/100
Stay Updated
Get notified about new Islamic banking products in Malaysia
Free. No spam. Unsubscribe anytime.
Explore All Bank Accounts in Terengganu
Compare every bank accounts option side-by-side with filters, ratings, and Shariah oversight details.
Reviewed quarterly and updated for major content changes.
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.