IFB FCY Deposit Account

FCY Deposit Account

Is a type of foreign currency account maintained in hard currency and can be used locally or transferred abroad in foreign currency without the necessity of obtaining a foreign exchange permit.

Product Features and Benefits

  • Deposits are accepted in the form of foreign currency only
  • Depositors shall be expected to sign and confirm the sources of their deposits are from permissible
  • This account works under al-wadiah yad dhamanah principle (not Amanha).
  • The customer can use ATM, Pos, Mobile, Internet Banking service, and any other services similar to conventional Bank’s
  • The Bank, at its absolute discretion, can provide gift (monetary or in kind) to holders of such account as token of appreciation
  • The gift paid to this account holder shall not be fixed, consistent and is not part of the contract
  • Under the contract of Wadiah, the custodian, i.e., the Bank is not allowed to mention or to promise any reward on the deposit received