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Al-Awfar Junior Terms and Conditions


1. Opening of Account
1.1 The minor account holder is required to open the Al-Awfar Junior Savings Account-i with their parents or legal guardian. The minor account holder must be below 13 years old.

1.2 The youth account holder can open an Al-Awfar Junior Savings Account-i under the individual name without the presence of the parents or legal guardian. The youth account holder must be between the age of 13 years old and 18 years old.

1.3 The account holders of Al-Awfar Junior Savings Account-i shall be bound by the terms and conditions governing the Operation of Al-Awfar Junior Savings Account-i which will be in force from time to time.

1.4 The account holders and the parents or legal guardian of the Al-Awfar Junior Savings Account-i are required to furnish their mykad, specimen signature and right thumbprint (account holder), latest home address or correspondence and other personal particulars to the Bank as required by the Bank.

2. Deposit
Transaction A minimum initial deposit of RM50 is required to open the account. The minimum amount that may be deposited at any time shall be RM10 or above. The account holder shall maintain a minimum balance of RM25 in the account at all times.

3. Withdrawal Transaction
3.1 Mode of Withdrawal The minor and youth account holders may withdraw at any Bank Islam branches via over the counter, Automatic Teller Machine and other channels. Withdrawal for minor account holder is only allowed using the savings passbook with the presence of the parents or legal guardian. Withdrawal for youth account holder can be made using the ATM Card or Debit Card.

3.2 Withdrawal Limit If the balance in the account is RM25, the account holder may not withdraw a sum smaller than RM25 unless the account is to be closed. The withdrawal limit for account holder will be capped at RM500 per day across all Bank channels.

4. Statement of Account Balance - Savings Accounts
4.1 For savings account without a passbook, quarterly statement will be issued and sent by post to the account holder. Request by the account holder for statement over the counter (OTC) and statement printing machine are subject to payment charges (auto deduction): RM5 per page (OTC) and RM1 per request (statement printing machine).

4.2 The savings account statement will be issued to account holder based on the following:

iii. Customer’s transactions must be equal or exceed 30 transactions within 3 months (exclude transactions on the Bank’s profit)

iv. Savings account with minimum balance of RM500 at the end of the statement period.

iii Statement for savings account with average balance more than RM10,000 at the end of the statement period will be automatically generated regardless frequency of transactions.

4.3 The Bank may not send the account statement if the account is dormant or inactive for a period as determined by the Bank. The Bank may also discontinue sending the account statement if the statement is unclaimed or undeliverable for any reason.

5. Authorisation
All cheques, banker’s cheques, bank’s drafts, Negotiable Islamic Debt Certificate, money orders, postal orders, warrants and other instruments deposited which have been dishonoured shall be returned by hand or by registered post to the account holder’s address last registered with the Bank at the account holder’s risk and expenses. Unauthorised Entry The Bank shall not be responsible for any unauthorised entries in the account holder’s account. The account holder shall therefore carefully examine the entries in the account and notify the Bank of any unauthorised entries before leaving the Bank’s premises.

6. Dormant Account and Unclaimed Monies
6.1 The account holder shall transact at least once a year. Bank shall consider the account as dormant if the account is not active for a period of 1 year from the last transaction date.

6.2 If the account is inactive for 7 years, balance from the account shall be deemed as Unclaimed Monies and shall be transferred to the Unclaimed Monies Registrar after such period provided under the Unclaimed Monies Act 1965

6.3 An annual service charge of RM10 shall be imposed and deducted from the savings account so long as it remains dormant. The service charge will be charged (auto deduction) until the remaining balances are sent to Registrar of Unclaimed Monies.

6.4 For savings account with balance less than RM10, the credit balance in the savings account will be deducted as service charge and the savings account thereafter shall be closed.

7. Conversion of Al-Awfar Junior Savings Account-i to Al-Awfar Savings Account-i
7.1 When the account holder attains the age of 18 years old, the Bank will convert the existing Al-Awfar Junior Savings Account-i to Al-Awfar Savings Account-i.

7.2 Please refer to the Al-Awfar Savings Account-i T&C in the website or visit our nearest Bank Islam branch.

7.3. The conversion process will be done once the account holder turns 18 years old on his/her birth date.

8. Freezing and Closing of Account
8.1 In the even of death, insanity of the account holder or the parents or legal guardian, and upon notice, the Bank shall immediately freeze the account.

8.2. The Bank has the right to close the customer’s(s’) account if the Excess amount remain unpaid for more than a period determined by the Bank from time to time.

8.3 In the event the Bank suspects that the customer’s account is being used for or implicated in fraud or suspected fraud activities, the Bank shall issue a written notice to the customer to explain/ confirm the transactions. If the Customer fails to provide such explanation satisfactory to the Bank, the Bank reserves the right to close, freeze or otherwise deals with the customer’s account as deems fit by the Bank.

9. Profit and Loss
9.1 Profit generated by the business are shared in accordance with the terms in the contract and losses (if any) are borne only by the investor and the Bank will not be responsible to bear any losses except for misconduct and mismanagement by the Bank.

9.2 In the event the actual profit declared is higher than the expected, the customer shall waive its rights to claim the difference from the Bank (tanazul). The Bank shall be entitled to such excess profit for its own account. In the event the actual profit declared is lower than the expected, the Bank shall not claim the difference from the customer.

10. Prize Draw
The prize draw will be conducted every month. However, the Bank may review the frequency of the prize draw at its absolute discretion.

11. Eligibility for the Prize Draw
11.1 Only active account is entitled for the prize draw. If the account holder is deceased, the account would still be entitled for the draw within 12 months from the date of decease.

11.2 Every RM10 deposit shall be entitled for 1 unit of eligibility for the prize draw.

12. Claim of Cash Prizes by Beneficiary of Deceased Account
Claim for the prizes can only be made by the beneficiary if the prize is received within 12 months from the deceased date. Any prizes won after 12 months from the deceased, the prizes shall be revoked and the account holder must return the prizes to the Bank that has been delivered to the beneficiary.

13. The minor account holder and the parents or legal guardian and the youth account holder hereby confirm that they are not representing the following group :-
a. Permanent and / or contract employees of Bank Islam (including its subsidiaries and related companies);

b. Immediate families of the permanent and/or contract employees of Bank Islam; or

c. Representatives and/or agents (including advertising and promotion agents) of Bank Islam

14. Notification of Winners
Grand prize winner will be notified via mail and/or telephone call. Other than the above mode of announcement, the winners list (including the Grand Prize) will be posted on Bank Islam website www.bankislam.com.my and/or selective major newspapers

15. Result of the Winners
The result of the winners is final. No appeal and correspondence will be entertained.

16. Advertising and Promotion
Bank Islam reserves the right to use the names and photographs of the winners and other information for advertising and promotion purposes

17. Prizes
Prizes/Goods will be delivered to the recipient within 30 working days from the date of winner announcement.

18. . Zakat Payment
The Bank pays business zakat on total nisab subject to zakat which includes account holders’ savings that have become capital for the bank’s business activities. As such, account holders’ do not need to pay Zakat on their savings.

19. Changes to the Terms and Conditions
The Bank reserves the right to add, delete, amend or alter any or all of these terms and conditions at any time. Such changes shall become effective upon being displayed of such notices in the Bank’s premises or by any other mode of communication which the Bank may deem fit.

20. Change of Address
If there is any change in the home or mailing address, the parents of the minor or legal guardian shall notify the Bank immediately. This is important to ensure that all communication reaches the account holder promptly.

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