Agrobank introduced its Fixed Return Investment Account-i or FRIA-i, that would offer fixed returns based on syariah principle of commodity murabahah and would be offered to individuals and non-individuals.
This is part of the bank's initiative towards the full implementation of Islamic banking system by 2015.
Its president/chief executive officer, Wan Mohd Fadzmi Wan Othman said FRIA-i was a unique product and would give significant returns as profits could be paid upfront at the effective date of investment.
"Also, the profit rate is set by the bank through the contract during the account opening on a regular basis over the period of investment," he said.
The minimum investment for an individual was RM5,000.
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