Al Rajhi Bank Malaysia Review - Halal Finance Products
Reviewed quarterly and updated for major content changes.
Al Rajhi Bank Malaysia offers halal financial products and services designed to align with Islamic principles. These options provide alternatives to conventional interest-based financial products, using structures like Murabaha, Ijara, and Musharakah.
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HalalWallet 2026 Review
Al Rajhi Bank Malaysia - At a Glance
3
Products Reviewed
All
Provinces (Nationwide)
2
Categories
Our Verdict
The best PIDM-protected yield stack in this cluster for digital users, wrapped in genuinely exemplary Tawarruq disclosure. Branch presence is thin and the top savings tiers demand very large balances.
Pros & Cons
What We Like
- Unconditional app bonus beats every commercial board rate here
- Names ARNT (agent), crude palm oil (commodity) and the platform - full trade chain
- Qard accounts honestly presented as non-profit-bearing (contract segmentation)
- SJKP home financing serves first-time buyers with zero downpayment, gig income included
What Could Be Better
- Small physical network versus domestic banks
- Promotional TD rates carry campaign end dates
- DuitPlus lower-band rates require the separate rate sheet
Who Is Al Rajhi Term Deposit-i Best For?
App-based depositors
Board + 0.20% unconditional app bonus; promos to 3.80% at crawl
Large-balance savers
Tiers to 3.00%/3.50% with daily calculation and monthly crediting
Zero-savings first-time buyers
100%+10% financing under the government guarantee, non-fixed income eligible
Detailed Analysis
Al Rajhi Banking & Investment Corporation (Malaysia) Berhad brought the Saudi giant to Malaysia in 2006 as a locally incorporated, BNM-licensed Islamic bank. Its 2026-era strategy is app-led: the MY alrajhi app opens the DuitPlus Savings Account-i in minutes (RM20 activation, 12-hour security cooling-off), runs Savings Pots for goals, and pays an automatic +0.20% p.a. on term deposits placed in-app with no promotional conditions - stacking to 2.50% at 12 months on board rates, with campaign promos reaching 3.80% at our crawl. Crawled 6 Aug 2026.
What earns Al Rajhi top compliance marks is disclosure depth. The TD-i page names the entire Tawarruq chain: you appoint Al Rajhi Nominee Tempatan (ARNT), a wholly-owned subsidiary, as Wakalah agent; ARNT buys Shariah-compliant commodities such as crude palm oil on an approved platform; the bank buys them from you at principal plus profit, deferred to maturity. Profit rates are stated exclusive of the 0.01% agency fee (including SST) - a cost most Tawarruq providers never surface. Equally honest is the contract segmentation: the branch-opened Basic Savings and Savings Account-i are Qard contracts that deliberately pay no profit, with the page explaining why and pointing profit-seekers to DuitPlus or the Commodity Murabahah savings variant.
The financing side headlines with Home Financing-i SJKP: Commodity Murabahah under the government's Skim Jaminan Kredit Perumahan, giving first-time buyers up to 100% of property value plus 10% for costs with zero downpayment, open to fixed and non-fixed income earners including joint family applications. Governance: BNM's 2021 list recorded a five-member Shariah Board chaired by Assoc. Prof. Dr. Saleh Abdullah Alheidan, mixing Saudi and Malaysian scholars.
How It Works
Profit-bearing deposits run on Commodity Murabahah via Tawarruq with a named agent and platform; basic accounts run on Qard and pay nothing by design. Home financing uses Commodity Murabahah, including the SJKP-guaranteed variant. The 0.01% commodity agency fee is disclosed on rates.
Open DuitPlus in the app
MyKad/MyTentera eKYC, RM20 activation transfer, 12-hour cooling-off, then full access with Savings Pots.
Place TDs in-app for the bonus
The +0.20% applies automatically across 1-24 month tenures; check current promo layers on top.
Pick the right account contract
Qard accounts for pure safekeeping; DuitPlus/Commodity Murabahah for profit.
First-timers: assess SJKP
If you have income but no deposit, the SJKP route finances 100%+10% - mind the negative-equity start.
Shariah Compliance Review
Oversight Level
Review details on provider's website
Locally incorporated BNM-licensed Islamic bank under IFSA 2013 (since 2006); PIDM member
Shariah Board per BNM list (1 June 2021): Assoc. Prof. Dr. Saleh Abdullah Alheidan (Chairman), Prof. Madya Dr. Azman Mohd Noor, Lokmanulhakim Hussain, Dr. Mohammed Hael Ghilan Al-Madhagi, Wan Rumaizi Wan Husin
Full Tawarruq chain and agency fee disclosed; Qard/Murabahah contract segmentation across the shelf
Shariah compliance should always be verified directly with Al Rajhi Bank Malaysia. HalalWallet reports publicly available oversight information but does not issue fatwas or certify compliance.
How It Compares
Against the digital banks, Al Rajhi matches AEON's promo yield at larger scale and beats KAF above small balances, with a fuller product set behind it. Against Saadiq, its promos are ungated. The thin branch network is the main concession to domestic incumbents.
vs. AEON Bank
Similar app-first promos (3.08% TD) with a simpler shelf.
vs. KAF Digital Bank
Higher micro-balance hibah (5.00% first RM2,000) but discretionary.
Comparable promo rates gated by wealth relationships.
Bottom Line
For app-comfortable savers, Al Rajhi Malaysia currently offers the best PIDM-protected deposit economics in this cluster - and the most honest explanation of where the profit comes from.
Products from Al Rajhi Bank Malaysia
Why It's Halal
Operates under the Commodity Murabahah contract via a Tawarruq arrangement, stated on-page. The SJKP government guarantee substitutes for a deposit, letting first-time buyers - including non-fixed-income earners - finance 100% + 10% without compromising the Islamic structure. Full Takaful coverage bundled. Offered by the locally incorporated BNM-licensed subsidiary of Al Rajhi Bank. Crawled 6 Aug 2026.
Al Rajhi Bank Malaysia
Home Financing-i SJKP
Commodity Murabahah home financing under the government's Skim Jaminan Kredit Perumahan (SJKP) guarantee for first-time buyers: up to 100% of property value plus 10% for costs (MRTT, fire Takaful, legal and valuation fees), tenure to 35 years or age 70, zero downpayment.
Opens provider site - no obligation
Al Rajhi Bank Malaysia
DuitPlus Savings Account-i
App-opened Islamic savings account from Al Rajhi Bank Malaysia with tiered daily-calculated profit credited monthly - published tiers reach 3.00% p.a. (band ending RM999,999.99) and 3.50% p.a. from RM1,000,000 - plus goal-based Savings Pots at a premium rate. RM20 to activate.
Opens provider site - no obligation
Al Rajhi Bank Malaysia
Term Deposit-i
Commodity Murabahah (Tawarruq) term deposit from Al Rajhi Bank Malaysia: board rates to 2.30% p.a. at 12 months, an automatic +0.20% p.a. bonus for placements via the MY alrajhi app (2.50% at 12 months), and promotional rates to 3.80% p.a. From RM500.
Opens provider site - no obligation
Where Available
Based on listings we track, Al Rajhi Bank Malaysia operates nationwide:
Nationwide availability
Availability may vary by product type. Always verify current availability directly with Al Rajhi Bank Malaysia.
How We Compare
- • We review publicly available information from providers, including Shariah compliance documentation.
- • We compare financing structures, total costs, down payment requirements, and state availability.
- • We prioritize providers that clearly explain their halal compliance rationale and operate with transparency.
- • We note which products are available nationwide versus regionally.
- • Learn more about our methodology.
Quick Answer
Al Rajhi Bank Malaysia offers halal financial products that comply with Shariah principles, avoiding interest (riba) and prohibited industries. Their products are available in 1 state and include Bank Accounts, Home Financing options.
Key Takeaways
- Al Rajhi Bank Malaysia offers Shariah-compliant financial products that avoid interest and prohibited industries.
- Products are available in 1 state: Nationwide.
- Product categories include Bank Accounts, Home Financing.
- Always verify compliance directly with Al Rajhi Bank Malaysia and consult qualified Islamic finance advisors when needed.
- Compare Al Rajhi Bank Malaysia's products with other providers to find the best fit for your needs.
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.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-03-09
How to cite this page
Preferred format:
For time-sensitive claims (rates, fees, state availability), please verify directly with the provider's official documentation and note the retrieval date.
Related Guides
Frequently Asked Questions
What types of halal products does Al Rajhi Bank Malaysia offer?
Al Rajhi Bank Malaysia offers 3 products across 2 categories. Al Rajhi Bank Malaysia is best for [object Object],[object Object],[object Object]. Review the products listed above or contact Al Rajhi Bank Malaysia directly for current offerings.
How does Al Rajhi Bank Malaysia ensure Shariah compliance?
Locally incorporated BNM-licensed Islamic bank under IFSA 2013 (since 2006); PIDM member Shariah Board per BNM list (1 June 2021): Assoc. Prof. Dr. Saleh Abdullah Alheidan (Chairman), Prof. Madya Dr. Azman Mohd Noor, Lokmanulhakim Hussain, Dr. Mohammed Hael Ghilan Al-Madhagi, Wan Rumaizi Wan Husin Full Tawarruq chain and agency fee disclosed; Qard/Murabahah contract segmentation across the shelf
How does Al Rajhi Bank Malaysia work?
Open DuitPlus in the app: MyKad/MyTentera eKYC, RM20 activation transfer, 12-hour cooling-off, then full access with Savings Pots. Place TDs in-app for the bonus: The +0.20% applies automatically across 1-24 month tenures; check current promo layers on top. Pick the right account contract: Qard accounts for pure safekeeping; DuitPlus/Commodity Murabahah for profit. First-timers: assess SJKP: If you have income but no deposit, the SJKP route finances 100%+10% - mind the negative-equity start.
Is Al Rajhi Bank Malaysia available in my state?
Al Rajhi Bank Malaysia operates nationwide, though specific products may have regional limitations. Always verify current availability directly with Al Rajhi Bank Malaysia.
What are alternatives to Al Rajhi Bank Malaysia?
Against the digital banks, Al Rajhi matches AEON's promo yield at larger scale and beats KAF above small balances, with a fuller product set behind it. Against Saadiq, its promos are ungated. The thin branch network is the main concession to domestic incumbents. AEON Bank: Similar app-first promos (3.08% TD) with a simpler shelf. KAF Digital Bank: Higher micro-balance hibah (5.00% first RM2,000) but discretionary. Standard Chartered Saadiq: Comparable promo rates gated by wealth relationships.
Are Al Rajhi Bank Malaysia's products more expensive than conventional options?
Halal financing structures can have different fee structures compared to conventional products. Some options may be competitive with conventional rates, while others may have different cost structures. Pricing varies by product type, location, and individual circumstances. Always compare total costs and terms when evaluating options.
How do I contact Al Rajhi Bank Malaysia?
Contact information for Al Rajhi Bank Malaysia should be available through their website or the product listings above. Use the action links provided with each product to visit Al Rajhi Bank Malaysia's website or contact them directly for more information.
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