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
CIMB Special Mudharabah Investment Account-i