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Announcement

Launch of Current Account and Savings Account Products based on new Shariah contract

Effective 5 June 2021, the underlying Shariah contract for Alliance Hybrid Account-i, Alliance My eSavings Account-i, Alliance SavePlus Account-i, Alliance Junior Smart Saver-i, Current Account-i and Basic Current Account-i (the Accounts) will be offered based on Murabahah via Tawarruq. This will only apply when a customer requests for new account opening for any of the Accounts.

There will be no change to the underlying Shariah contract for existing Accounts holder based on Qard.  All existing mandates pertaining to the operations and other services linked to the Accounts shall remain unchanged unless and until amended or revoked by customer.

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Berkuatkuasa 5 Jun 2021 kontrak Syariah untuk Alliance Hybrid Account-i, Alliance My eSavings Account-i, Alliance SavePlus Account-i, Alliance Junior Smart Saver-i, Current Account-i dan Basic Current Account-i (Akaun) akan ditawarkan berdasarkan kepada Murabahah melalui Tawarruq. Ini akan terpakai apabila pelanggan memohon untuk pembukaan akaun baru kepada semua jenis Akaun.

Tiada perubahan pada kontrak Syariah bagi pemegang akaun sedia ada yang berdasarkan Qard. Semua mandat yang sedia ada berkaitan dengan operasi dan perkhidmatan lain yang berkait dengan akaun tersebut  tidak akan berubah kecuali dan sehingga diubah atau dibatalkan oleh pihak pelanggan.
 
Definition:
 

Qard   Qard refers to a contract of lending money by a customer (lender) to a Bank (borrower) where the Bank has an obligation to repay an equivalent replacement amount to the customer. The Bank has the right to utilise the money for its banking activities and is entitled to the benefits or revenues gained from the money that was borrowed.
     
Tawarruq   Murabahah refers to a sale and purchase of an asset where the acquisition cost and the mark-up are disclosed to the purchaser. A tawarruq consists of two sale and purchase contracts. The first involves the sales of an asset by a seller to a purchaser on a deferred basis. Subsequently, the purchaser of the first sale will sell the same asset to third party on a cash and spot basis.

Murabahah via Tawarruq involves the sale and purchase of an asset (Shariah compliant commodities) with disclosure on the cost of the asset and the profit rate.
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