FOREIGN REMITTANCE SERVICES

Send money overseas at competitive exchange rates and charges.

Value Proposition:

  • Can remit ≥ 100 foreign currencies* to ≥ 100 countries around the world electronically.
  • Transfer fund electronically in a safe, expedient and cost effective manner.
  • Shariah compliant – based on the principle of Bai’Al Sarf.
  • Regulated by Bank Negara Malaysia.
  • Customer may enjoy special rate for transaction above RM20, 000**.
  • Customer may request to make payment in full to beneficiary**.

∗Please check with branch for exchange rates for currencies that are not available via counter rate
∗∗Please contact our branch for more info

Receive money from overseas and get conversion at competitive exchange rates and charges.

In Bank Islam, customer can do foreign exchange transaction for value SPOT and FORWARD.

VALUE SPOT

Shariah concept

Bai’ al Sarf – A contract of exchange of money for money of the same of different type

Value date

  • Value Today (same day)
  • Value Tomorrow (next business day)
  • Value Spot (two business days from the deal date

Requirement

Customer must have a current/saving account with Bank Islam

VALUE FORWARD

Shariah concept

Bai` al-Sarf and Wa`d – Wa’d is a unilateral promise. An expression of commitment given by one party to another to perform certain action(s) in the future. Under this agreement, the Bank is allowed to enter into FX Forward transaction based on unilateral promise i.e. binding only on the promisor.

Tenor

A Future date after the SPOT date

Requirement

  • Customer must have a current/saving account with Bank Islam)
  • Customer must have foreign exchange contract (FEC) line with Bank Islam

For further details, kindly contact our Treasury FX Sales Team at 03-20901700.

Important Notice:
All the products offered will be subjected to Foreign Exchange Administration Rule by Bank Negara Malaysia and other rule and guideline by Bank Negara Malaysia. It also subjected to procedures and guideline set by Bank Islam (M) Bhd. Please contact Treasury FX Sales Team at 03-20901700 for further details.