Nominee for Deposit & Investment Accounts (Individual Customer)
- Nominee must be aged 18 years and above
- The appointment of a Nominee is restricted to those who are qualified pursuant to the Children Act 2001, the Guardianship Act 1961 and the Adoption Registration Act 1952 as follows :
- Parents, siblings and children (with proof of Birth Certificate);
- By way of a deed/ testament certified by the Court’s Order;
- Foster parents (with submission proof of adoption certificate and adoption registration certificate from the National Registration Department);
- Any individual with valid custody on the child by Court Order;
- Spouse (with submission proof of marriage certificate)
- Minor can appoint only their legal parent or legal guardian
- The appointed nominee for Muslim customers will act as a Wasi (administrator) and do the apportionment to the rightful beneficiary upon customer’s demise based on Shariah rules
- For Non-Muslim customers, the nominee(s) will be the rightful beneficiary who will receive the funds upon customer’s demise.
Note: Applicable Only one Nominee is allowed for Wafiyah and Term Deposit Tawaruq (TDT) account.
Types of Account
Applicable to all Individual accounts (deposit and investment)
Method of Payments
- IBFT/IBG is available should the Nominee opt to not open account with the Bank
- Before bank proceed with the payment to the claimant, bank will ensure Letter of Indemnity has been duly signed.
Coma and Total Permanent Disablement (TPD) Account Holder
- The medical conditions shall be confirmed/pronounced by a qualified medical practitioners
- The appointed Nominee will receive the remaining funds in the account once the account holder’s condition is confirmed by the appointed Bank Islam Officer who performs the visit