Islamic Finance 

Maybank Islamic launches account portability of CASA

| 12 July, 2019
 NST Business

JULY 12, 2019 | 5:42PM MYT | KUALA LUMPUR

Maybank Islamic Bhd has embarked on an initiative called account portability of conventional current and savings accounts (CASA) for Maybank customers to seamlessly migrate to Islamic or Shariah-compliant accounts.

The initiative, a hassle-free migration of CASA, is aimed at customers who have always wanted to have a Shariah-compliant account but did not want to “start all over again” with a new account number, the bank said.

Maybank Islamic chief executive officer Datuk Mohamed Rafique Merican said account portability of CASA is a service that provides customers with the convenience to switch from conventional accounts to Islamic accounts while maintaining the account number and its operational tagging such as bank’s standing instructions.

“The service offers convenience for the customers whom in recent times have become more discerning, preferring speed and ease of use.

“This is also aligned with Maybank’s mission to humanise financial services,” he said in a statement.

Customers can easily switch their accounts via Maybank online banking site or Maybank2U or for those without online banking access, they can walk in to any Maybank branch and seek assistance.

On Maybank2U, customers can firstly click on the three dots on top of their current or savings accounts details, followed by selecting the option to switch to Islamic account and the third step will lead to notification of the status of the migration.

Mohamed Rafique said the bank took note of views and feedback expressed by customers who prefer Shariah compliant accounts.

These include not wanting to lose their operational tagging when opening a new account, filling up forms at the bank’s branches, and even having to go to branches just to open a new CASA accounts, he added.

Copyright New Straits Times