Disadvantages Of Maybank Islamic Products

The strength of Maybank is becoming the biggest bank in Malaysia that taking the regional market lead (Santhi, Barathy, & Teoh, 2013). In 1981, Maybank was the first Malaysian bank to set ups ATMs in Malaysia (Maybank’s Annual Report, 2014). The ATM Machines are placed broadly accessible all over Malaysia thus it become the biggest Banking Service supplier in Malaysia. In addition, the express international cash transfer service is also firstly delivered by Maybank and made convenient via Pakistan, Cambodia, Philippines, Brunei, Indonesia, Singapore and Malaysia. Hence the money transaction is more convenience in worldwide for their customer. Aside from that, Maybank execute comprehensive services and diversified its product line from deposit,

The Malaysian lender known as one of seven local systemically important banks in Singapore, which requires it to incorporate its local retail business. Maybank has said it is targeting families and young professionals, in its encourage to grow its retail survival in Singapore. Despite potentially are higher costs, Maybank said it remains committed to the domestic market.

There are over 2400 branch offices of Maybank in 20 countries and it has correspondent banking relationships with 700 foreign banks throughout the world. Besides that, Maybank has 402 domestic branches and 2,600 automated teller machines (ATM) in Malaysia. In 1985, Maybank successfully to issue the first ATM and debit card in order to accessing the balance of the savings account. Maybank also launched credit card in October 1997. In addition, Maybank provides wide range of financial products and services such as commercial banking, investment banking, Islamic banking, offshore banking, insurance and takaful, factoring, trustee services, asset management, stock broking, nominee services, venture capital and internet banking (Maybank website,

Malayan Banking Berhad is the holding company and listed entity for the Maybank group with branches in Malaysia, Singapore and other international financial centres such as London, New York, Hong Kong and Bahrain. Maybank was established in 1960, and today is the largest company by market capitalisation on the Malaysian Bourse. It is ranked first among listed Malaysian companies and among the top 500 companies in the Forbes Global 2000 leading companies of the world. The Maybank group offers a comprehensive range of products services that includes commercial banking, investment banking, Islamic banking, offshore banking, leasing and hire purchase, insurance, factoring, trustee services, asset management, stock broking, nominee

Becoming an expert in Islamic economics and finance field is one of my long-term goals in life. I started to organize and made a plan towards achieving that dream since senior high school. The concern towards Islamic economics and finance concept, and its application for society and the country began when I was reading a book entitled Islamic banking-theory and practice. After finishing reading the book, my interest in Islamic economic and finance topics rose and strengthen my own determination to become the expert of Islamic economics and finance. The main principle of Islamic economics and finance which offers the just and ethics in economic activity, poverty alleviation through income distribution mechanism, and prevention of economic and

Islamic banking is a structure that allows conducting banking activities and trades in line with the Islamic Shari’ah laws and principles by avoiding all the haram (prohibited) activity such as interest and financing prohibited businesses.

Awaqf, the Arabic Pronunciation of the word endowment, has become a vital element of the economic sector of Sharia law as well as the Amana bank. “This asset, be it in real estate, inheritance, or savings in benefits, is something that will help someone in society,” which is one of the basic principle of Amana bank. This is a vital sector of the industry that the bank is especially wonder, careful with when it comes to its dealings with their

Islamic Banking is quite similar to a conventional bank. Only here the essential feature is that it is Interest Free i.e. it purely follows the Islamic law – Sharia’h (Rules) and guided by the Islamic Economics that forbids the both the payment and the receipt of Riba (Interest). The two main principles are basically Banks will share the Profit & Loss (enabling risk sharing) and disallow Interest in any form.

Online banking facilities so that the applicant can do all their transactions from the comfort of their home.

Overdraft may occur when the amount of money which is withdrawn from a bank account exceeds the amount available (Overdraft, 2015). Normally it happens when an individual writes the total on the check more than the total balance in the account. The bank will cover the checks and allows the customers to deposit or place more funds into the account in order to cover the negative balance. In addition, the bank will charge an interest at the agreed rate (Overdraft, 2015) on this short-term loan instead of charging fees. Basically, the bank would not reject the customers’ check when there is no enough funds which are available to cover up because the customes pay for the overdraft protection on their account.

Sadad:A world of flexibility and comfort with SADAD’s special services. It is the first step to making the preferred payment selections as digital, sophisticated. Bank AlJazira presents to clients a diversity of SADAD services. Its benefits are flexibility and safety for shopping and purchasing online without the need to own a credit card. Also, for paying bills or government fees fast and professionally through the SADAD system.

Shariah-compliant deposits can only be placed in licensed Financial Institutions (FIs) by Bank Negara Malaysia (BNM).

Besides, the company can issue shares, and hand out the dividends, or issue bonds and pay the interest; moreover, taking a loan from the bank with interest is an alternative. However, in Islamic accounting, the interest is not allowed, which prevent the company from raising the fund through last two options. Thus, the Mudaraba is widely applied in Islamic economies. Mudaraba is a kind of partnership which one party provides money to a commercial enterprise, and the funds are managed by a third party based on Mudaraba investment management agreement. For example, the depositor can authorize the Islamic bank to manage their funds, and get profit from the return on the funds invested.

When a bank is losing market share they have two options, grow organically or grow inorganically. Faced with a fleeting and a dissatisfied customer base, Midlands came up with another, unique, solution to their problem. First Direct was born from an idea that the customer comes first in banking, this idea would change the course of banking forever.

Islamic banking is a controlled institution based on the principles of sharia Islamic rules on transactions made. This means that the Islamic banking system does not accept or allow payment of benefits based