Getting monthly interest from Muamalat 4.5% promo?

Nope didn't get it.

So hilarious some of you...

You want monthly interest or nego? Min placement is RM5mil lah and that is on a cert by cert basis (not accumulated ya...)

No such thing as PB too...

Anyway, going thru my pockets for LOOSE CHANGE and soon putting more in for 4.5% promo

At least your IQ increased with it.

Dear pearl-white,


Thank you for the feedback regarding our Wang Lagi Besar 5 promotion.


I have instructed w.e.f. a circular to be distributed to all our branches immediately stating: -

1) Monthly profit payments to be made available for this promotion;
2) Individuals who have had placed FD's without the abovementioned, can have their certs. re-issued and back dated so as to enjoy this monthly profit.


Additionally, my team will also specify the min. amount (if any) for monthly profit to be credited with this promotion. As of the time of our conversation, it has not been finalised.

However, I have made an immediate approval for the abovementioned to be applied to you immediately. My staff will contact you personally to have the new cert. to be delivered to you at your convenience.

Thank you.

Yours Sincerely,

CEO

This post has been edited by pearl_white: May 31 2017, 04:36 PM

HLBB is giving out 6 months interest free loans. No processing fees, no fees whatsoever. Amount to be given out depends on your ratings. But mostly rm50k.

Those of you interested, please call them (they are currently offering this to a few select only) so I heard.!

Might as well use it for FD purposes.

I disagree. For some people, having the best returns, at any point of time, is not their target. Take the case if I had RM2million, I could split it up to achieve priviledge/private/super status banking with 5-6 different banks. This is called syiok sendiri syndrome, ie. to be known by as many banks as possible as hwi. We are humans afterall, thus irrational.

To be honest, high net worth benchmark is USD30million. And the SEA standard for private banking is USD1million. Malaysia is a very special country because it has the lowest requirements to get into private banking (save for MBB). Our neighbours are much higher.

This post has been edited by pearl_white: May 31 2017, 08:54 PM

Simple, memo issued, but not all branch managers briefed their team yet or still UNREAD. Bring it up to the branch manager of the "new memo" and ask them to read it first while you wait. If they have not received it, ask them to call their HQ immediately.

Today just made a RM700k FD at Muamalat with loose change, 4.5% with monthly interest.

Of course, since last Friday, the 4.5% has been taken down. It was a sudden decision by Muamalat HQ and taken had the branches by surprise.

If you a big enuff supplier of funds, you can get the 4.5% rate subject to approval.

For those not being a big supplier, you can make the manager promise you the rate in advance for a placement at a later date, they will oblige you since they promised mah....

July will be the end of BR's and AMbanks promos from previous year(s), there will be flush of cash coming to market.

So, bijak2 sikit ya.... There's an expectation of RM6billion flooding the market, don't think this 4.3% will last long either, it will be reduced to 4%-4.1%.

I have already HEDGED myself for the next FD at Muamalat

This post has been edited by pearl_white: Jun 28 2017, 04:59 PM

Why is it that when you use BC or personal cheque for Islamic FD, you have to wait till it clears?

Well, Islamic FD is based on the purchase of Shariah contract of Commodity Murabahah (cost-plus sale),

When you purchase it, you need to have the CASH in hand, otherwise the bank cant purchase it; just like buying UT, you have to have cash in hand to get the units immediately. There is no contra, T+x option in Islamic FD.

Hope this helps your planning.

This is really off topic but answers the question of why banks request for additional information like payslips, EA forms, etc.

All banks branches are supposed to serve a specific area. When you apply for any new accounts in any of those branches, the banks will check whether you are inside or outside their coverage.

eg. Ambank Taman Connaught Cheras can open any accounts for you if you are from around Cheras. If say, you are from PJ, then they will ask for additional info.

Whether you get asked or not, will depend on individual bank SOP, but suffice to say, try to make sure that your IC address is near a bank branch of your choice.

It is important to calculate to the sen. Never take it from granted from the bank that everything is full proof.

For some, a miscalculation may mean a sweet, for others a plate of nasi lemak and for others a new 328i/c250 every month.

Lets not talk about a year.

BR fd board rate is 3.7% for 12 months, ask for special rate OTC, it is 3.85%.

As to whether there will be "new promotions" from financial institutions, please have a look at their latest Q reports and look at the ratios.

That is an indication of whether the institution will have any promo FDs in the future.

From a planning perspective,

FED indicated 4 rate increases in 2018 (100 basis points or 1% in total), and accelerated in 2019 and 2020 (which means more than 4 rate increase per annum).

You are looking by end of 2020 a minimum of 300 basis points (3%) up to 400 basis points (4%) by the FED.

End 2017, M'sia's average FD promo rates hovered in the 4.0% to 4.2% for a 12 month placement.

If on the prudent side that BNM follows half of what the FED does, you are looking at a 4.5%-4.7% till until at least the 1st quarter of 2019.

This post has been edited by pearl_white: Mar 23 2018, 11:13 AM

It is a good deal if you are getting monthly interest credited into the SA every month. 4.65% nominal would yield 4.75% effective p.a. off my head. Should be enough to be above the line of promo interest rates for the next 18 months.

Bank Islam promo is not really a good deal because the 12 months effective is less than 4.5% and no monthly interest credited to a/cs.

This post has been edited by pearl_white: Apr 12 2018, 02:27 PM

Future planned launches of Geely vehicles using Proton (excl. current SUV) would require DRB-HIcom to inject much needed investment i.e. RM billions, as per JV agreement. They will not dilute 51% to raise for working capital. Hence, would use partly Bank Muamalat to raise funds.

FD being one of the ways, I foresee Bank Muamalat giving better rates (12 months placement) than the current 4.5% offered right now.

Expect 2019 to be an exciting year for FD Muamalat.

This post has been edited by pearl_white: Apr 18 2018, 06:14 PM

Bank Muamalat doesn't give a matching 4.5% to those who renew their FD from last years promo.

4.1% p.a. for 12 months now.

Someone here lying about getting that rate.

Ambank 4.4% still on today. Sadly, no monthly interest/profit.

Is it worth the Ambank VIP thingy? Get free Infinite card too??

I'm still very young compared to alot of dinosaurs here.... . So not entitled, however they did advise that if you wish to bypass this, get someone "over 50" to joint a/c (max 3 names), then can get monthly interest.

yes, they will be giving VI and WMC free....

a comparable FD to this 4.4% p.a. would be circa 4.31% with monthly interest.

4.31% for 12 months with monthly crediting of interest

is no different from

4.4% for 12 months with crediting of interest at end of maturity

4.5% last month? Why did you withdraw it when it is the best at the time?

And the Head of Deposits of Bank Muamalat has never offered this rate for renewals.