MAYBANK SINGAPORE LAUNCHES SAVINGS ACCOUNT FOR HAJJ PILGRIMS

SINGAPORE (Bernama) - Maybank Singapore has developed an Islamic
regular savings account to cater to Muslims going on the Hajj pilgrimage.

The Ar Rihla Regular Savings Account-i is essentially a Syariah-compliant
Passbook Savings Account that is based on the Wadiah concept, which guarantees
that customers’ savings are free from interests.

In a statement Wednesday, the bank said savers would be rewarded with a
bonus gift (hibah) at the end of each 12-month period.

Like any ordinary savings account, the deposits are guaranteed up to
S$50,000 under the Deposit Insurance Scheme in Singapore, and customers can
withdraw any amount when the need arises.

At the bank’s discretion, customers may be rewarded with the bonus gift, if
they save the pre-agreed sum regularly.

Customers can start saving from a low minimum of S$50 a month and for a
period ranging from 12 months to 10 years.

This latest product will serve to complement Maybank Singapore’s existing
range of Islamic offerings. It is supported by the Singapore Islamic Scholars &
Religious Teachers Association.

Maybank Islamic is the largest Islamic Banking player in the Asean region
with an asset size of RM60.6 billion as at end of March 2011.

In Singapore, Maybank offers a suite of Syariah-compliant deposit accounts
-- the first in Singapore to introduce a Syariah-compliant online savings
account, iSAVvy Savings account-i with ATM access and a special
dividend-on-dividend feature.