Bank Islam Malaysia Berhad's Qard Savings Account-i (Akaun Simpanan Qard-i) opens with RM100, needs a RM10 minimum balance, is protected by PIDM up to RM250,000, and pays no contractual return at all: any hibah is given monthly at the bank's absolute discretion and Bank Islam prints no rate for it. Its sister product, the Awfar Savings Account (Al-Awfar), runs on Tawarruq, prints a profit rate of 0.01% per annum effective 1 July 2026, and enters you into monthly and quarterly prize draws. For a stated return you move to Term Deposit-i Tawarruq, which paid 1.75% for one to two months and 2.10% for 36 to 60 months in October 2026. This review sets out every printed number, the fees, how the Awfar draw works, and how Bank Islam compares with the published-rate leaders on our Islamic bank accounts hub.
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What a Qard savings account is, and why Bank Islam prints no rate
Qard is an interest-free loan. When you deposit into Qard Savings Account-i you are lending the money to Bank Islam, which guarantees to repay the full balance on demand. Bank Islam's own terms spell out the consequence: any profit the bank earns from using your funds belongs to the bank, and the bank "may at its absolute discretion" give you a reward (hibah). The product page says hibah may be paid monthly at the bank's discretion. There is no table of historical hibah on the page, which is why searches for "Bank Islam savings account interest rate" find nothing: there is no rate to find.
That is the correct Shariah position rather than a disclosure failure. A loan that promised a return would be riba, so a Qard deposit cannot carry a contractual rate. Banks that want to pay savers a stated return use Tawarruq (commodity Murabahah) instead, which is what Bank Islam does for Al-Awfar and Term Deposit-i. Our explainer on how Islamic deposit returns work sets out the difference between Qard hibah, Tawarruq profit and Mudarabah sharing. The Bank Islam provider profile covers the bank's Shariah governance.
Qard Savings Account-i: minimums, fees and dormancy
The product page prints a minimum opening deposit of RM100 and a minimum balance of RM10. Terms and conditions were revised on 8 April 2026 and again on 1 July 2026, both PDFs linked from the page. Deposits are PIDM-protected up to RM250,000 per depositor per member bank, and PIDM's own guide confirms Islamic and conventional deposits at the same bank get separate RM250,000 limits. Our guide to PIDM protection for Islamic deposits explains the joint account and trust account rules.
Bank Islam's deposit fees and charges schedule (dated January 2023 on its website) lists the costs that apply to Qard Savings Account-i and Al-Awfar alike. The two that catch savers are a RM20 charge if you close the account within three months of opening, and a RM10 dormant account charge. Statement requests, passbook replacement and MEPS withdrawals at other banks' ATMs carry small fixed charges. There is no monthly maintenance fee printed for the savings account, which contrasts with the half-yearly service charge the schedule applies to current accounts with low average balances.
- Minimum opening deposit RM100; minimum balance RM10
- Hibah, if any, paid monthly at Bank Islam's absolute discretion; no rate published
- Account closed within three months: RM20
- Dormant account charge: RM10
- PIDM protection up to RM250,000 per depositor, separate from any conventional deposits elsewhere
- Debit card-i, internet and mobile banking, standing instructions and salary crediting available
Al-Awfar: the 0.01% rate and how the prize draw works
The Awfar Savings Account is Bank Islam's draw-linked account, and its contract is Tawarruq, not Qard. Bank Islam describes two sales: the bank sells a commodity to you on deferred terms, and you sell it on for cash on the spot, which creates a debt the bank owes you at a fixed profit. The printed profit rate is 0.01% per annum, effective 1 July 2026 until further notice, credited monthly, with principal and profit guaranteed and PIDM protection up to RM250,000. Minimums match the Qard account: RM100 to open, RM10 balance. Anyone aged 12 and above can hold one; younger children go through a trust account.
The draw is the point. Bank Islam's Awfar Prize Draw terms (effective 1 July 2026) assign each active account Eligibility Units (EU) based on qualifying criteria the bank determines, which the account page ties to your average balance over the closing period. Monthly draws cover a calendar month's average balance and quarterly draws a three-month average. The 2026 draw calendar lists monthly draws on 11 February, 11 March, 13 May, 11 June, 13 August, 10 September, 11 November and 9 December, and quarterly draws on 15 April, 15 July, 14 October 2026 and 13 January 2027, all subject to change. Cash prizes are credited to the Awfar account within 14 days; non-cash prizes are not exchangeable for cash; a holder can win only one prize per draw category per draw. Bank Islam publishes winner lists on the product page (July and August 2026 were live when we checked).
The Shariah basis Bank Islam states is that the prize draw is a promotional incentive (hibah) granted at the bank's discretion, that participation requires no payment, and that the account itself earns its fixed Tawarruq profit regardless. That structure is what separates it from a lottery: you do not stake anything, your capital is guaranteed, and the gift is unilateral. It also means the draw is not a return you can count on. The cost of entering is the gap between 0.01% and what a plain Tawarruq or Qard account elsewhere would pay you on the same balance.
Term Deposit-i Tawarruq: the printed grid for October 2026
If you want a stated return from Bank Islam, Term Deposit-i (Tawarruq) is the product. The bank prints a monthly rate sheet; the figures below are for placements from 1 to 31 October 2026. Tenures run from one month to 60 months, and a Special TDT-i for larger sums is quoted through Treasury rather than printed.
| Tenure | Term Deposit-i Tawarruq rate (p.a.) | Alliance Islamic Term Deposit-i (p.a., 15 Jul 2025) |
|---|---|---|
| 1 to 2 months | 1.75% | 2.10% (1 month), 2.20% (2 months) |
| 3 to 5 months | 1.90% | 2.30% (3 months), 2.35% (4 to 5 months) |
| 6 to 12 months | 1.95% | 2.40% (6 to 11 months), 2.45% (12 months) |
| 15 to 24 months | 2.00% | 2.45% (13 to 24 months) |
| 36 to 60 months | 2.10% | Negotiable |
Bank Islam also prints an Awfar Investment Account-i, a Mudarabah-type product that is not PIDM-protected, with expected rates of 1.01% at one month rising to 1.24% at nine to twelve months for placements maturing between 16 September and 15 October 2026, and a Wafiyah Investment Account at 1.95% to 2.20%. Those are expected, not guaranteed, returns. The Term Deposit-i grid is lower than Alliance Islamic's dated table at every tenure, which is the honest conclusion of our wider Islamic term deposit rate comparison.
Opening online and who is eligible
Bank Islam's savings accounts are available to individuals, joint holders and trust accounts, with the Awfar page stating age 12 and above for a sole account. The bank's channels are BIMB Mobile (the app, branded Be U by Bank Islam for its digital-first accounts), BIMB Web internet banking, and branches. The Qard Savings Account-i page lists a Visa Debit Card-i, salary crediting and sweeping, standing instructions, bill payment, zakat payment and Tabung Haji transactions through ATMs, so the account functions as a full transactional account despite paying nothing. Opening through the app requires a MyKad and the usual e-KYC selfie; the RM100 initial deposit can be transferred from any bank.
Bank Islam versus the published-rate leaders
The comparison that matters is not Bank Islam against conventional banks but against Islamic banks that print a savings rate. Al Rajhi Bank Malaysia's DuitPlus Savings Account-i, opened in the MY alrajhi app with RM20, runs on Tawarruq and prints tiers of 0.67% up to RM4,999.99, 2.08% from RM5,000 to RM49,999.99, 3.00% from RM50,000 to RM999,999.99 and 3.50% above RM1,000,000, profit calculated daily and paid monthly, PIDM-protected, with a RM10 minimum balance. Alliance Islamic prints Qard hibah history on its My e-Savings Account-i of 0.85% up to RM50,000, 1.10% to RM100,000 and 1.60% above, and Tawarruq rates on SavePlus Account-i from 0.95% above RM20,000 to 2.75% above RM500,000, all dated 15 July 2025 with a candid disclaimer that Qard hibah is historical and not a promise. Public Islamic Bank's ForU2Save, per our profile, prints an unconditional 2.10%.
| Account | Contract | Printed return | Minimum to open |
|---|---|---|---|
| Bank Islam Qard Savings Account-i | Qard | None; discretionary hibah, no rate shown | RM100 |
| Bank Islam Awfar Savings Account | Tawarruq | 0.01% p.a. plus prize draw entry | RM100 |
| Al Rajhi DuitPlus Savings Account-i | Tawarruq | 0.67% to 3.50% by balance tier | RM20 |
| Alliance My e-Savings Account-i | Qard | 0.85% to 1.60% historical hibah | See bank |
| Alliance SavePlus Account-i | Tawarruq | 0.95% to 2.75% by balance tier | See bank |
| Public Islamic ForU2Save | See bank | 2.10% unconditional (our profile) | See bank |
On a RM30,000 balance the gap is stark: DuitPlus pays 2.08% (about RM624 a year), Alliance SavePlus pays 0.95% on the portion above RM20,000, Al-Awfar pays RM3 plus draw entries, and the Qard account pays whatever Bank Islam decides, which may be nothing. The profiles for Al Rajhi Bank Malaysia, Alliance Islamic and Public Islamic Bank set out their wider ranges, and our ranking of Islamic savings accounts is the place to pick one.
Our view: who should hold which Bank Islam account
Hold Qard Savings Account-i if you want a transactional account at a full-fledged Islamic bank with no conventional parent, you value the purity of a straightforward loan contract, and you keep only a working balance in it. Do not hold savings there expecting hibah; Bank Islam does not promise any and prints no history. Hold Al-Awfar if you understand that 0.01% is effectively zero and you are choosing the draw entries as a deliberate preference over a 2% to 3% Tawarruq rate elsewhere; the structure is Shariah-sound as Bank Islam describes it, but the opportunity cost on RM30,000 is around RM600 a year against DuitPlus. Hold Term Deposit-i Tawarruq only for sums you want at Bank Islam specifically, because Alliance Islamic's printed grid beats it at every tenure and Al Rajhi's savings tiers beat its 12-month rate without locking the money. For most savers the right structure is a Bank Islam Qard account for salary and bills, and the bulk of savings in a published-rate Tawarruq account at Al Rajhi, Public Islamic or Alliance Islamic, each PIDM-protected to RM250,000 separately.
Facts checked against bankislam.com, alrajhibank.com.my, alliancebank.com.my and pidm.gov.my on 7 September 2026.
Frequently asked questions
What is the minimum balance for a Bank Islam savings account?
RM10. Both Qard Savings Account-i and the Awfar Savings Account print a minimum balance of RM10 and a minimum opening deposit of RM100. Bank Islam's fee schedule charges RM20 if you close the account within three months and RM10 if it goes dormant, and balances of RM5 or less in a dormant account may be absorbed when the bank closes it.
Does Bank Islam Qard Savings Account-i pay any profit?
Not contractually. Under the Qard contract your deposit is a loan to the bank, any profit the bank earns belongs to the bank, and hibah is given only at Bank Islam's absolute discretion, potentially monthly. No rate or hibah history is printed. If you want a stated return at Bank Islam, use Term Deposit-i Tawarruq, which paid 1.75% to 2.10% in October 2026.
Is the Bank Islam Al-Awfar prize draw halal?
Bank Islam structures it as a discretionary promotional hibah on a Tawarruq deposit: you pay nothing to enter, your principal is guaranteed, the account earns its own 0.01% profit, and the prize is a unilateral gift. That is the basis on which the bank's Shariah committee approves it. The trade-off is financial, not religious: you forgo the 2% to 3% other Islamic banks print.
What are Bank Islam's term deposit rates in 2026?
For placements in October 2026, Term Deposit-i Tawarruq pays 1.75% for one to two months, 1.90% for three to five months, 1.95% for six to twelve months, 2.00% for 15 to 24 months and 2.10% for 36 to 60 months. Bank Islam refreshes the sheet monthly. Alliance Islamic's dated grid is higher at every tenure, with 2.45% at 12 months.
Is my money safe in Bank Islam?
Bank Islam Malaysia Berhad is a licensed Islamic bank and a PIDM member, so eligible deposits in Qard Savings Account-i, Al-Awfar and Term Deposit-i are protected up to RM250,000 per depositor. Investment accounts such as Awfar Investment Account-i and Wafiyah are not PIDM-protected, and Bank Islam's rate sheet marks them as such.
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How do I open a Bank Islam savings account online?
Download the BIMB Mobile app, complete e-KYC with your MyKad and a selfie, choose Qard Savings Account-i or Awfar Savings Account, and fund it with the RM100 minimum from any bank. Applicants must be 12 or older for a sole Awfar account; younger children need a trust account opened at a branch by a parent or guardian.
