ISB is one of the alternative and complementary services offered by an Investment Bank or a stockbroking company providing stockbroking businesses or activities in accordance with Shariah principles. AmInvestment Bank Berhad with the assistance of Shariah Advisers and AmIslamic Bank has introduced ISB (window services) in compliance with existing Shariah principles and practices.
|FEATURES OF ISB|
- Trading in Shariah-compliant (Halal) securities only as prescribed by Shariah Advisory Council of the Securities Commission.**
- Application of Shariah principles such as Wakalah (Agency), Rahn (Pledge), Kafalah (Guarantee/Indemnity) and Bai' (Buying&Selling)
Compliance with Shariah principles, regulations, standards or rulings issued by Shariah Advisory Council of the Securities Commission while adhering to the rules and regulations of Bank Negara, Securities Commission and Bursa Malaysia Berhad.
- No elements of Riba' such as contra service charge, interest charges and interest income.
- Ta'widh (compensation) shall be imposed only on late or default payment by clients based on AmIslamic Bank's IIMM rate (currently at 6.15% p.a.).
- All banking transactions, financing, placement or investment shall be made within Shariah- compliant products or services.
|BENEFITS OF ISB|
- You are assured of complete Shariah compliance products, activities, businesses, and operations.
- Peace of mind knowing that your transactions, investments, shares and monies are free from non-Shariah compliance element.
- Open to all institutions, corporations and individuals regardless of whether one is Muslim or non-Muslim and a separate account shall be maintained for ISB activities.
|EASY STEPS TO APPLY FOR ISB ACCOUNT|
|Step1. Call our/your Remisiers or Dealers, or visit our main office of AmInvestment Bank Berhad at Jalan Raja Chulan, Kuala Lumpur.
|Step2. Fill up and sign the new ISB Trading Account Application Form and Terms & Conditions For Islamic Securities Trading and enclose relevant supporting documents. *
|*Subject to Terms & Conditions.
|FREQUENTLY ASKED QUESTIONS|
|Q1: What is the main difference between conventional account and ISB account?|
|A : Only Shariah-compliant securities allowed to be traded under ISB account which are operated under Shariah concepts within AmInvestment Bank Berhad.|
|Q2: Why do I need ISB services?|
|A : ISB services are free from non-Shariah compliant elements such as Riba' (interest), Gharar (uncertainty) and Maisir (gambling). Clients' funds or trust monies will be segregated from the conventional funds and placement of Clients' funds or trust monies shall be made into Shariah-compliant accounts only.|
|Q3: Can a non-muslim open ISB trading account?|
|A : Yes, ISB services are open to all. |
|Q4: Can I maintain both types of trading accounts i.e. conventional account and ISB account?|
|A : Yes, clients shall be allowed to maintain both types of trading accounts but each trading account shall be regulated by its respective terms and conditions.|
|Q5: Where will ISB services be offered?|
|A : ISB services are available from all offices of AmInvestment Bank Berhad and via internet.|
|For further information, please call our / your remisiers or dealers or contact ISB Unit at telephone no. 03 2036 2633 ext 2207 / 2332 / 2331 or email us at email@example.com|
|You may also visit our website at amesecurities.com.my/isb or visit ISB Unit at:|
AmInvestment Bank Berhad (23742-V)
8th Floor, Bangunan AmBank Group,
55 Jalan Raja Chulan,
50200 Kuala Lumpur
|** NON-SHARIAH COMPLIANT SECURITIES|
|According to the List of Shariah-compliant Securities by Shariah Advisory Council of the Securities Commission, companies classified as non-Shariah compliant securities are those involved in the following core activities:|
- Financial services based on riba (interest);
- Gambling and gaming;
- Manufacture or sale of non-halal products or related products;
- Conventional insurance;
- Entertainment activities that are non-permissible according to Shariah;
- Manufacture or sale of tobacco-based products or related products;
- Stockbroking or share trading in Shariah non-compliant securities; and
- Other activities deemed non-permissible according to Shariah.
|For a full list of the Shariah compliant counters, please visit Securities Commission website: http://www.sc.com.my/|