New Services and Products Introduced by Commercial Banks and Other Financial Institutions

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up a security deposit will be credited to the customer’s account instantly. When the PNA-I matures, the Bank will pay the principal amount as the profit to the customer who has already been paid at the setting off of the security deposit that has been paid up-front. The PNA-i. has a deposit tenure from up to 1-12 months, offers cash upon placement and an up-front fixed profit rate. The PNA-i. also has some benefits to its customers which includes a profit rate that is higher than the normal savings account, it could serve as a collateral for banks and a complimentary Personal Accident Takaful Coverage (PATC) plus medical and funeral expenses.

With these two new products by Maybank, the bank has a target of two billion Malaysian Ringgits (RM 2,000,000,000) deposit within a one year period.

CIMB Bank Berhad is also an Islamic bank with its presence in about eighteen (18) countries, it has a new product called CIMB Kwik account. It is an account that allows customers to open accounts at their convenience from their remote location. It does not require any deposits, but only needs a valid email address or a valid registered Malaysian telephone line and allows for immediate deposit, transfer and withdrawal. It also has an option of having a physical card, this account can be used for various financial transactions such as bill payments and much more. Cash withdrawal can also be made with the cards and the Kwik account has a wallet limit of four thousand nine hundred and ninety-nine Malaysian Ringgit (RM 4,999). The Kwik account was introduced basically to make banking easier for the customers and to reduce the crowd at the banking halls and ATM machines.

REFERENCE

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Maybank2u.com.my. (2017). Maybank2u.com - Maybank Islamic Launches New Financial Products. [online] Available at: http://www.maybank2u.com.my/mbb_info/m2u/public/personalDetail04.do?channelId=&cntTypeId=1&cntKey=HL09.05.19&programId=HI-Highlights&newsCatId=/mbb/Highlights/2009/05&bp=1&chCatId=/mbb/Personal [Accessed 14 Oct. 2017].

Maybank2u.com.my. (2017). Maybank2u.com - Foreign Currency Mudharabah Deposit and Placement-i (FCM-i). [online] Available at: http://www.maybank2u.com.my/mbb_info/m2u/public/personalDetail04.do?channelId=ISL-IslamicBanking&cntTypeId=0&cntKey=INV02&programId=INV07-IslamicInvestment&chCatId=/mbb/Personal/ISL-IslamicBanking [Accessed 14 Oct. 2017].

Maybank2u.com.my. (2017). Maybank2u.com - Prosperous Now! Account-i (PNA-i). [online] Available at: http://www.maybank2u.com.my/mbb_info/m2u/public/personalDetail04.do?channelId=ACC-Accounts&cntTypeId=0&cntKey=ACC03.06&programId=ACC12-IslamicBanking&chCatId=/mbb/Personal/ACC-Accounts [Accessed 14 Oct. 2017].

Cimbbank.com.my. (2017). Accounts. [online] Available at: https://www.cimbbank.com.my/en/personal/products/accounts.html [Accessed 14 Oct. 2017].

Cimbbank.com.my. (2017). Frequently Asked Questions. [online] Available at: https://www.cimbbank.com.my/en/personal/support/help-and-support/faqs.html?c=kwik-account&n=kwik-account [Accessed 14 Oct. 2017].