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 CIMB Special Mudharabah Investment Account-i

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TSthesoothsayer
post May 26 2015, 05:40 PM, updated 9y ago

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I'm currently using the CIMB Islamic Flexi Loan and it's linked to a CIMB Special Mudharabah Current Account-i (SMCA-i).

However, I've just received a letter from them saying that they are changing the SMCA-i to the Special Mudharabah Investment Account-i (SMIA-i).

If I decline to change, my SMCA-i account will be converted to a Current-i account and I'll lose the flexible home loan benefits (which is one of the main reasons why I chose the loan in the first place!).

The new SMIA-i account has the following characteristics:
1. Deposit not guaranteed
2. Funds are not protected by PIDM
3. Returns are not guaranteed

Their T&C also states that:
Profit generated from the SMIA-i will be shared between the account holder and the Bank according to the PSR and loss (if any) shall be borne entirely by the account holder except if there was any negligence, fraud and willful default on the part of the Bank.

Just wondering, anyone here familiar with CIMB's Islamic investment accounts and their performance (couldn't find much information on Google)? Also, what's the profit sharing ratio from them so far? Any other things to consider about the Islamic investment accounts?

This post has been edited by thesoothsayer: May 26 2015, 05:42 PM
cklimm
post May 26 2015, 07:06 PM

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it means that, if they lend all your money to 1MDB and went kaput, your money will be gone for good, and PIDM will not give a fcuk either
SUSDavid83
post May 26 2015, 07:26 PM

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Does the change has anything to do with the enforcement of Islamic Financial Services Act 2013 (IFSA)?
SUSazhan82
post May 26 2015, 07:41 PM

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QUOTE(cklimm @ May 26 2015, 07:06 PM)
it means that, if they lend all your money to 1MDB and went kaput, your money will be gone for good, and PIDM will not give a fcuk either
*
More or less that's basically what it means. icon_question.gif

From the looks of it, they are changing the whole "investment structure of Islamic accounts" ( due to changes in Islamic Financial Services Act 2013(IFSA)) and making it pure investment with no government guarantee (which baffles me since most saving account is PIDM secured).

the whole "Profit generated from the SMIA-i will be shared between the account holder and the Bank according to the PSR and loss (if any) shall be borne entirely by the account holder except if there was any negligence, fraud and willful default on the part of the Bank. " is typical for Islamic account/Loan even though its called profit sharing. Basically means most of the risk is taken by you as an account holder.

Since there is no guarantee on return, please be careful. I'm worried returns could go negative resulting you losing money ( this is because I have no idea what the money is being used to invest, most probably as Islamic loans to consumers/business) . Other than that, it looks like a "basic Islamic current Account with investment", whatever that means hmm.gif


wil-i-am
post May 26 2015, 11:49 PM

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QUOTE(David83 @ May 26 2015, 07:26 PM)
Does the change has anything to do with the enforcement of Islamic Financial Services Act 2013 (IFSA)?
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Yes as Maybank Islamic oso in the midst to implement the same
x0x
post May 27 2015, 09:57 AM

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So guys, have you decided ? Convert to SMIA or Wadiah Current ?

They say its will be invested on low risk profile but still the capital is not guaranteed and protected.

Aiyohh
wil-i-am
post May 27 2015, 01:28 PM

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I will choose SMIA
TSthesoothsayer
post Jun 1 2015, 10:21 PM

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I'll choose the SMIA option.

I know that the Current-i will not offer the flexible option, so there's no point in that.

So I'll take the SMIA option and use it if/when I really need it - which may be never.

Need to check how much they will charge to maintain it, though.

Really hate the way banks change the terms halfway through the loan.
Dohc
post Jun 19 2015, 11:29 AM

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same problem here,

why they simply change the rules!!!!

If chosee SMCA, means i no longer get benefit from flexi loan, which is similar to term loan...if iknow earlier, better i sign up with UOB with term-flexi loan and lower interest rate...

grrrrrr
Sunny zombie
post Jun 19 2015, 06:15 PM

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QUOTE(cklimm @ May 26 2015, 07:06 PM)
it means that, if they lend all your money to 1MDB and went kaput, your money will be gone for good, and PIDM will not give a fcuk either
*
thumbup.gif thumbup.gif thumbup.gif thumbup.gif thumbup.gif thumbup.gif
nexona88
post Jun 19 2015, 06:41 PM

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QUOTE(cklimm @ May 26 2015, 07:06 PM)
it means that, if they lend all your money to 1MDB and went kaput, your money will be gone for good, and PIDM will not give a fcuk either
*
laugh.gif
evilzeal
post Jun 25 2015, 04:59 PM

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same over here. If i don't reply will it auto convert to SMIA?
Showtime747
post Jun 25 2015, 06:45 PM

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QUOTE(evilzeal @ Jun 25 2015, 04:59 PM)
same over here. If i don't reply will it auto convert to SMIA?
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No. If you do nothing, you account will convert to current account wadiah. No more flexi loan

Why can't they do the reverse ? Easier as most are into flexi loan
evilzeal
post Jun 29 2015, 11:04 AM

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So if the account is converted to SMIA? the flexibility to deposit money or withdraw money is still there?

Currently I can transfer money into the account easily and I can withdraw the money from the ATM machine.

Does anyone know the charges for SMIA account?

Somehow changing the account into SMIA makes me worry. It is like CIMB does have their own agenda now..

 

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