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By Lidiana Rosli

KUALA LUMPUR: Bank Islam Malaysia Bhd (Bank Islam) is targeting RM2 billion in funds collectively for its newly launched offerings under the Term Investment Account, the Waheed and the Special Investment Account (SIA).

The Wakalah-structured Waheed and the Mudarabah-structured SIA is designed in compliance with Bank Negara's Islamic Financial Services Act (IFSA 2013), and are for corporate customers, government accounts as well as multinational companies (MNC) with a local presence.

"Both the Waheed and the SIA are open for for minimum investments of RM500,000 in either Malaysian ringgit or any leading foreign currencies," said chief strategy officer, Hizamuddin Jamaluddin.

"We are targeting RM2 billion in funds from now till the end of the year. We think this product would suit potential clients who have export business."

The bank is also confident that it will be able to maintain its existing 1.2 million customers in the Mudarabah-structured Al Awfar Transactional Investment Account (Al Awfar).

"The Al-Awfar was previously offered as a savings product and has been redesigned with new terms and features and as reclassified as an investment account," said Hizamuddin.

"We currently have RM2 billion of funds from the existing 1.2 million customers and we are confident that we will be able to maintain that number as we make the transition."

The Al-Awfar will be available from 3rd June.

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