At UAB, we recognise the needs of all clients who prefer to undertake their banking solutions in line with the Islamic Banking principles.
An Islamic PRS is an agreement to exchange profit rates between a fixed rate party and a floating rate party or vice versa. This is implemented through the execution of a series of Murabaha contracts. The notional principal is never exchanged as it is netted off
Wakala
A Shari’ah compliant contract in which the customer can authorize the Wakil (the Bank) to invest funds in Shari’ah approved activities for profits.
Murabaha
Murabaha is not an interest-bearing loan, which is considered riba (or excess), and is an acceptable form of credit sale under Shari’ah. Similar in structure to a rent-to-own arrangement, the bank retains ownership of the property until the loan is paid in full.
Islamic Flexi Term Deposit
A special deposit scheme designed to provide the investor with a better profit rate than the term deposit. Profit is paid upon early withdrawal or upon maturity on the predefined rates. Investors will receive attractive rates on longer tenors. This deposit is structured under Islamic Wakala Investment Concept.
To download the application, please click here.
Islamic Enhanced Escalator Deposit
A special deposit scheme designed to provide the investor with attractive yields on a semi-annual basis. Profits increase every semester providing the investor with a step-up return on the deposit. This deposit is structured under Islamic Wakala Investment Concept.
To download the application, please click here.
