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Wednesday, 18 June 2008

Alliance Islamic eyes RM100m new deposits under tawarruq principle

KUALA LUMPUR: Alliance Islamic Bank hopes to garner RM100mil in deposits from its new Alliance Fixed Investment-i (AFI) by the second quarter this year.
The bank planned to achieve this through existing and new corporate customers, chief executive officer Yahya Ibrahim said in a statement.
“AFI is the first Islamic banking product of its kind in Malaysia which uses commodities traded under the Tokyo Grain Exchange and Central Japan Commodity Exchange for deposit placement,” he said.
A syariah-compliant account, AFI is targeted at large corporate depositors and is based on the Tawarruq concept, which requires a customer to appoint the bank as the agent to buy commodities from a trader.
The bank will subsequently purchase the commodity from the customer on a deferred payment basis.
Alliance Islamic Bank yesterday signed a memorandum of understanding with Okachi Malaysia Sdn Bhd, appointing the latter its commodity trader.
“AFI provides an alternative source of Islamic deposits from government bodies and large corporate depositors. It will help improve the bank's liquidity position as well as its financing deposit ratio,” Yahya said.
The product allows a customer to place a minimum order of RM1mil and a maximum of RM100mil for a minimum tenure of one month and a maximum tenure of 60 months. – Bernama
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Islamic finance & mgmt consulting:  www.alfalahconsulting.com
Islamic unit trusts investment: www.islamic-invest-malaysia.com 
Islamic finance & mgmt consultant: www.ahmad-sanusi-husain.com

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