Sunday, September 2, 2012

Agrobank Launches New Investment Product

KUALA LUMPUR, Sept 1 (Bernama) -- Agrobank Bhd has introduced a new investment product, Fixed Return Investment Account-i (FRIA-i), which is part of its initiative towards the full implementation of Islamic banking system by 2015.

Source from (Bernama): http://www.bernama.com/bernama/v6/newsbusiness.php?id=691218
Published: September 02, 2012

In a statement Saturday, Agrobank said FRIA-i would offer fixed returns based on syariah principle of commodity murabahah and would be offered to individuals and non-individuals.

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.

Agrobank said the minimum investment for an individual was RM5,000.

-- BERNAMA

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