Current
account allows for deposited and withdrawal of funds and cheques being written
against the balance at any time. In Islamic Banking, current account is based an Islamic principle (Wadiah) which
comply with Shariah principle. An attachment of the letter of “i” at the end of
the product name such as “current account-i” reflects the products
Shariah-compliancy, and that its services are in line with the decision of
Islamic scholars prohibited riba-taking activities.

 

CIMB Bank had introduced various
types of current account for personal and business banking. Both CIMB and CIMB
Islamic had offered same products for current accounts which are CIMB Preferred
Account/CIMB Preferred Account-i, Basic Current Account/Basic Current Account-i,
Senior Basic Current Account/ Senior Basic Current Account-I and Foreign
Currency Current Account/ Foreign Currency Current Account-i. While for
business banking, both of them offered same for Online Business Current Account/, Online Business Current Account-i, and
Foreign Currency Current Account/ Foreign Currency Current Account-i. (Current
Accounts, 2018)

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 CIMB bank personal banking’s current account provided
others services than CIMB Islamic such as Prime Account, Regular Current
Account and Conventional Current Account. Prime account can boost customer’s wealth
with interest rate given and benefits with monthly bonus points. It is only eligible for existing CIMB
Prime customers or sign up to be new customers with minimum RM50,000 in any
deposits. Regular current account comes up with cheque book and debit
card facilities and overdraft facility is available. Conventional Current account
also entitled to use overdraft and with a minimum initial deposit of
RM1,000 customer will receive a cheque book.

In the other hands, CIMB Islamic
Bank differentiate its products by offered Current account-i(business banking) and
Wadiah Current Account-i(personal banking). Current account-i is only eligible
to all business enterprise and corporations .It provided free, unlimited OTC transactions
and principal deposit is guaranteed but it require customers to maintain a minimum balance of RM 10 in
account at all times. Next, CIMB Islamic introduced Wadiah Current
Account-i which eligible to individuals, firms, societies and clubs. Principal
deposit is guaranteed and with features cheque book facility, debit card and
ATM withdrawals up to RM5000. (Current Accounts-i, 2018)

CIMB
Islamic current account-i subsequent deposited on Shariah principle of Wadiah Yad Dhamanah (applicable for all other Current Account-i products),Tawarruq vis-à-vis Commodity Murabahah
(“Commodity Murabahah”) applicable for CURRENT ACCOUNT-i PLUS product only
and Qard (applicable for Senior
Basic Current Account-i only) .
The Bank may at its absolute
discretion give reward (Hibah) to the account holder who maintained Current
Account-i under Wadiah Yad Dhamanah or Qard principle. (Terms
and Conditions Current Account-i, 2017)