Alliance Islamic Bank Review - Halal Finance Products
Reviewed quarterly and updated for major content changes.
Alliance Islamic Bank 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
Alliance Islamic Bank - At a Glance
3
Products Reviewed
All
Provinces (Nationwide)
2
Categories
Our Verdict
The board-rate leader for savers: dated tables, named contracts and honest Qard disclaimers on one public page. Financing is speed-led (10-minute approvals) but rate-opaque next to AmBank and Bank Rakyat.
Pros & Cons
What We Like
- 2.45% p.a. at 12-24 months beats every unconditional commercial-bank rate here
- Rates page pairs each product with its contract and disclaimers
- Large-balance SavePlus tiers (2.60%-2.75%) reward liquidity
- PIDM member with Islamic insured-deposit list published
What Could Be Better
- SavePlus pays zero below RM20,001
- Personal Financing-i advertises 'as low as 4.99%' without an effective-rate table
- Hibah on SavePlus is discretionary (Qard) - not a promised rate
Who Is Alliance Term Deposit-i Best For?
12-month rate maximisers
2.45% p.a. published board rate, no conditions
Large liquid savers
2.75% p.a. tier above RM500,000 with daily access
Speed-first borrowers
10-minute initial approval, 24-hour disbursement, fully online
Detailed Analysis
Alliance Islamic Bank Berhad publishes what savers actually need on a single Islamic profit-rates page: the SavePlus hibah tiers (0% to RM20,000; 0.95% to RM50,000; 1.55% to RM200,000; 2.60% to RM500,000; 2.75% above) and the Term Deposit-i tenor grid (2.10% at 1 month to 2.45% at 12-24 months), both effective 15 July 2025, each tagged with its contract - Qard with discretionary hibah for SavePlus, Commodity Murabahah via Tawarruq for the TD - and the regulator-required disclaimer that historical hibah is not a promise. That is the cleanest deposit disclosure among the commercial banks in this cluster. Crawled 6 Aug 2026.
The zero tier below RM20,001 is the design catch: SavePlus is built to attract large balances, not to serve small savers, who earn nothing. Pairing a basic savings account for daily money with SavePlus above RM50,000 (1.55%+) is the rational configuration. On the financing side, Personal Financing-i sells speed - 10-minute initial approval and 24-hour disbursement online - with an asterisked 4.99% headline; mortgages (Mortgage-i, up to 85%+5% margin on commercial variants) carry PDS-level disclosure.
Governance disclosure is strong: the committee page profiles all five scholars, and chairman Dr. Tuan Badrul Hisyam Tuan Soh (based in the Middle East, serving with Abu Dhabi Islamic Bank) also sat on Bank Rakyat's committee per BNM's 2021 list - a window into Malaysia's compact Shariah-scholar network.
How It Works
Deposits split by contract: SavePlus runs on Qard (the bank owes you the principal; any hibah is a discretionary gift, so published tiers are historical, not promised), while the Term Deposit-i runs on Commodity Murabahah via Tawarruq (a fixed, trade-derived profit agreed at placement).
Ladder deposits by contract
Fixed obligations (TD-i at 2.45%) for money you can lock; discretionary-hibah SavePlus for large liquid balances.
Mind the SavePlus threshold
Keep SavePlus balances above RM20,000 or the account pays nothing.
Apply for financing online
Personal Financing-i runs a 10-minute initial approval with disbursement within 24 hours.
Track rate changes
Changes are notified via branches and alliancebank.com.my and apply to new placements.
Shariah Compliance Review
Oversight Level
Review details on provider's website
Shariah Committee: Dr. Tuan Badrul Hisyam Tuan Soh (Chairman since 1 June 2021), Tuan Haji Rustam Mohd Idris, Prof. Dr. Muhamad Rahimi Osman, Asst. Prof. Dr. Muhammad Naim Omar, Ustaz Ahmad Fauwaz Ali @ Fadzil (crawled 6 Aug 2026)
BNM-licensed Islamic bank under IFSA 2013; PIDM member
Contracts and disclaimers printed on the public Islamic profit-rates page
Shariah compliance should always be verified directly with Alliance Islamic Bank. HalalWallet reports publicly available oversight information but does not issue fatwas or certify compliance.
How It Compares
For unconditional deposit rates Alliance leads the commercial banks; only DFI Agrobank (2.50%, no PIDM) and conditional promos (Saadiq 3.75% with wealth conditions, Al Rajhi app promos, AEON 3.08% digital promo) print higher numbers. For borrowing, AmBank Islamic's published flat/effective tables are easier to evaluate than Alliance's 4.99% headline.
Bottom Line
Park 12-month money here for the best unconditional commercial-bank rate; borrow elsewhere if you want printed effective rates.
Products from Alliance Islamic Bank
Why It's Halal
Alliance's Islamic profit-rates page states the product is based on Commodity Murabahah via the Tawarruq concept with a prevailing profit rate per product - a fixed, trade-derived return rather than interest. The full tenor table is published with an effective date, and rate changes are notified via branches and the website. BNM-licensed Islamic subsidiary; PIDM member.
Alliance Islamic Bank
Alliance Term Deposit-i
Commodity Murabahah (Tawarruq) term deposit from Alliance Islamic Bank with published rates effective 15 July 2025: 2.10% p.a. at 1 month rising to 2.45% p.a. at 12-24 months; tenures of 25-60 months are negotiable.
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Alliance Islamic Bank
Personal Financing-i
Digital-first Islamic personal financing from Alliance Islamic Bank: up to RM200,000, advertised rates from 4.99% p.a., online application with initial approval in 10 minutes and disbursement within 24 hours.
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Alliance Islamic Bank
Alliance SavePlus Account-i
Tiered Islamic savings account from Alliance Islamic Bank paying historical hibah (Qard concept) of 0.95% p.a. from RM20,001, rising to 2.60% above RM200,000 and 2.75% p.a. above RM500,000 (published rates effective 15 July 2025). Balances up to RM20,000 earn no hibah.
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Where Available
Based on listings we track, Alliance Islamic Bank operates nationwide:
Nationwide availability
Availability may vary by product type. Always verify current availability directly with Alliance Islamic Bank.
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
Alliance Islamic Bank 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, Personal Financing options.
Key Takeaways
- Alliance Islamic Bank offers Shariah-compliant financial products that avoid interest and prohibited industries.
- Products are available in 1 state: Nationwide.
- Product categories include Bank Accounts, Personal Financing.
- Always verify compliance directly with Alliance Islamic Bank and consult qualified Islamic finance advisors when needed.
- Compare Alliance Islamic Bank'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 Alliance Islamic Bank offer?
Alliance Islamic Bank offers 3 products across 2 categories. Alliance Islamic Bank is best for [object Object],[object Object],[object Object]. Review the products listed above or contact Alliance Islamic Bank directly for current offerings.
How does Alliance Islamic Bank ensure Shariah compliance?
Shariah Committee: Dr. Tuan Badrul Hisyam Tuan Soh (Chairman since 1 June 2021), Tuan Haji Rustam Mohd Idris, Prof. Dr. Muhamad Rahimi Osman, Asst. Prof. Dr. Muhammad Naim Omar, Ustaz Ahmad Fauwaz Ali @ Fadzil (crawled 6 Aug 2026) BNM-licensed Islamic bank under IFSA 2013; PIDM member Contracts and disclaimers printed on the public Islamic profit-rates page
How does Alliance Islamic Bank work?
Ladder deposits by contract: Fixed obligations (TD-i at 2.45%) for money you can lock; discretionary-hibah SavePlus for large liquid balances. Mind the SavePlus threshold: Keep SavePlus balances above RM20,000 or the account pays nothing. Apply for financing online: Personal Financing-i runs a 10-minute initial approval with disbursement within 24 hours. Track rate changes: Changes are notified via branches and alliancebank.com.my and apply to new placements.
Is Alliance Islamic Bank available in my state?
Alliance Islamic Bank operates nationwide, though specific products may have regional limitations. Always verify current availability directly with Alliance Islamic Bank.
What are alternatives to Alliance Islamic Bank?
For unconditional deposit rates Alliance leads the commercial banks; only DFI Agrobank (2.50%, no PIDM) and conditional promos (Saadiq 3.75% with wealth conditions, Al Rajhi app promos, AEON 3.08% digital promo) print higher numbers. For borrowing, AmBank Islamic's published flat/effective tables are easier to evaluate than Alliance's 4.99% headline. Al Rajhi Bank Malaysia: App bonus takes 12-month TD money to 2.50% PIDM-protected, edging Alliance's 2.45%. Agrobank: 2.50% board rate but DFI status outside PIDM. AEON Bank: 3.08% 6-month promo and 3.00% savings pots for digital-first savers.
Are Alliance Islamic Bank'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 Alliance Islamic Bank?
Contact information for Alliance Islamic Bank should be available through their website or the product listings above. Use the action links provided with each product to visit Alliance Islamic Bank's website or contact them directly for more information.
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