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Foreign Currency Mudharabah Deposit and Placement-i (FCM-i)
1. Why FCM-i?
FCM-I is a Shariah approved product that provides potential higher return under profit sharing mechanism (mudharabah) to customers.
2. How do I invest in FCM-i?
You must have a FCA or FCA-i account. However, it is not mandatory for non individual business customers.
3. What do I need to do to invest in FCM-i?
Instruct the Bank and your FCA or FCA-i will be debited accordingly. The existing account opening procedures for foreign placement is applicable for FCM-i placement.
4. How will the money be invested?
The money will be invested in the Shariah approved instruments.
5. How does FCM-i work?
FCM-i is based on the principle of Mudharabah (profit-sharing) and offers the convenience of placing foreign currencies in profit sharing investment product.
6. What do I get when I invest in FCM-i?
You may enjoy profit upon maturity based on the agreed profit sharing mechanism and the prevailing rates.
7. What is the minimum investment amount for FCM-i?
Individual - USD5,000 or its equivalent in other currencies.
Non-individual - USD20,000 or its equivalent in other currencies.
8. Are there any charges for FCM-i?
Yes
9. Is premature withdrawal allowed?
Yes
10. Is there any withholding tax on the profit earned from FCM-i?
No.