Hibah (gift)
This is a token given voluntarily by a debtor to a creditor in return for a loan. Hibah usually arises in practice when Islamic banks voluntarily pay their customers a 'gift' on savings account balances, representing a portion of the profit made by using those savings account balances in other activities.
It is important to note that while it appears similar to interest, and may, in effect, have the same outcome, Hibah is a voluntary payment made (or not made) at the bank's discretion, and cannot be 'guaranteed.' However, the opportunity of receiving high Hibah will draw in customers' savings, providing the bank with capital necessary to create its profits; if the ventures are profitable, then some of those profits may be gifted back to its customers as Hibah

No, definitely not SA interest.
My 5 years FD has not matured yet...

Ok.. I need to call to the branch now..

Thanks for the explanation of Hibah...

Ok.. I just called to Bank Rakyat branch, they said BR has a new policy that
all FD interest (dividend) would pay during "awal bulan", including all FD
tenures like 5 years FD, 2 years FD and 1 year FD...

Everybody, please check your iRakyat accounts to make sure your FD interest
have been paid on 1 May...

This post has been edited by BoomChaCha: May 2 2014, 03:32 PM

if the FD date is example 15th May, they pay the dividend on 1st May or 1st June?

This post has been edited by davinz18: May 2 2014, 03:15 PM

This is my rough guess...

Let's take FD date is 15th April as an example, BR will pay dividend
from 16th April to 30th April (like what I received).

Then effective from May, BR will start to pay dividend every first day of the month
based on 1 month monthly interest..

If the FD date is 15th May, I think BR will pay on 1st June.

Another scenario is let's say if place FD on 15th May, I guess BR will
pay dividend from 15th May to 31th May first, then BR will pay next dividend
in 1st of July (for June whole month dividend).

This post has been edited by BoomChaCha: May 2 2014, 03:55 PM

Wow ! You are right ! I thought you were joking earlier !

I checked my accounts there. Both of my accounts have the below:

S20 009 INTER-A/C TRANSFER

though one of the acct has only one, another one has 3 of the above with different amt deposited !

Funny, would need to enquire more on that!

This post has been edited by bbgoat: May 2 2014, 03:43 PM

Nope, mine due on 7th, no FD interest posted for these 2 days.
What are your FD monthly due days that get the interests?.

This post has been edited by tbheng: May 2 2014, 03:55 PM

I have >10 certs. But the earliest due date is 4th. There is no way that can tell from the online account which FD interest is paid!

Too general:
S20 009 INTER-A/C TRANSFER

This post has been edited by bbgoat: May 2 2014, 04:07 PM

Oh.. hold on..

I just received a returned call from BR Call Center, the BR rep told me on the phone that
this "awal bulan" dividend payment was for May only.

So this means that we will be revised back to monthly interest payment based on FD
maturity date starts again in June.

And she added, we will receive additional interest for this early dividend in May.

She said BR has sent out a letter to us to inform about this May early dividend, but I have
not received the letter; I asked her to email the letter but she said cannot, so I have to
wait for the letter.

Has anybody received this letter?

This post has been edited by BoomChaCha: May 2 2014, 07:13 PM

Okay...if you have several FDs with same amount then can't tell.
Err, wait, I think you can still find out by calculating based on daily interest. Time to exercise the brain a bit.
I guess, if the new interest policy is true, there might be some rules they apply.

I have talked to BR's ABM. He is also not sure of this. Ha ha.

But he did say another customer went to see him about this also.

Friend, I have been using my brain, maybe a bit too much. How dare you ...................

The acct that have the bigger FD amount has only one smaller amt credited as compared to the other one having 3 bigger amt deposited.

Sorry.... What I actually mean was put them into Excel lah...I won't be able to calculate daily interest with my brain alone either.
Small amount mean lesser days (near April end), bigger amount mean more days (early April).
Only you can work out that calculation, unless you tell us all the numbers and dates.

This post has been edited by tbheng: May 2 2014, 04:27 PM

But for 10 certs, you are supposed to have 10 transactions/accounts appear on your iRakyat account ma..?

Let's say 1 cert is minimum estimate 100K...
10 cert x 100K = at least 1 million

This can tell, because each FD cert even with same FD amount will have one
individual account info appears on iRakyat..

This post has been edited by BoomChaCha: May 2 2014, 04:37 PM

Nope cant tell which FD interest has been credited. Its compounded for me by having a few certs without monthly interest and the certs all almost having identical sums in batches. Thats why I am opting next time for interest on maturity as could not keep tabs.

The only redeeming feauture is the deposit date..


This post has been edited by magika: May 2 2014, 04:47 PM

Bro, I say >10. But not necessary 1 cert 100k. Ha ha ha !

It puzzles me. The ABM also not sure about this and asked me to see him on Monday to go through it. Well I will skip it.

All my BR FD are getting monthly interest except 1 cert. Used to track by the date on each month as it has been very consistent from BR side on crediting the monthly interest.

For this special case, guess will calculate by end of the month. Will complaint if there is a problem !

When I called to BR branch to ask about the early dividend matter this afternoon,
the BR woman promised to do manually credit monthly interest (as usual for my 1 year FD)
to my BR saving account by today.

I just checked my iRakyat account, she did not do it again...

So I will sms her next Monday, if she still does not do it on Monday, then I will need to fax
her on Tuesday..

I made a rough calculation, I will lose roughly about RM 0.10 interest per day if this dividend
is not credited to my Affin saving account, Should I ask her to compensate me or not..?

Should I also include sms fee and faxing fee as part of the compensations?

Why except 1 cert?

Ha ha, as that cert was <20k requirement previously (now 5k) for monthly interest. So don't calculate my FD in BR by 100k per cert.

I wish I am as rich as you thought .........................

This post has been edited by bbgoat: May 3 2014, 08:09 AM

Ha ha, just notice this point:

RM 0.10 interest per day ONLY ?? Or

RM 10 per day ??

Sure you can claim all the time loss as well, how about asking her out, she pay for the meal also ?