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Renaming of Underlying Shariah Contract of Wadi’ah Yad Damanah Products to Qard
OCBC Al-Amin, in an industry-wide exercise, shall be renaming the underlying Shariah contract of the products from Wadi’ah Yad Damanah to Qard contract. Here are some salient points of this exercise:
  • This is simply a product reclassification exercise. There shall be no effect to your account balance.
  • All related functions and services such as passbook, account number, ATM/Debit card, ATM/Debit card access PIN numbers and internet banking access, will not be affected and remain the same.
  • Save and except the clauses in relation to Qard contract, the existing terms and conditions of the product shall remain the same including the deposit protection under Perbadanan Insurans Deposit Malaysia (PIDM) as per PIDM’s mandate and terms.
  • The reclassification will take effect on 20 July 2017.
OCBC Al-Amin products that will be reclassified are as follows:
Personal Banking Products
  • Aqil Savings Account-i
  • Imad Young Savings Account-i
  • Mumtaz Current Account-i
  • Wafi Current Account-i
Business Banking Products
Old Product Name New Product Name
Wadi’ah Current Account-i Current Account-i
Wadi’ah Foreign Currency Call Account-i Foreign Currency Call Account-i
Business Access-i Business Access-I (No change)
1. When will this Exercise take effect?
This exercise will commence from June 2017 and will be completed on 20 July 2017.
2. Is the Exercise limited to selected Islamic Financial Institutions (IFI)?
All Islamic Financial Institutions (IFI) are required to convert all Wadi’ah Yad Damanah-based products to Qard-based products.
3. What is the difference between Qard and Wadi’ah Yad Dhamanah?
In essence, in terms of deposit products, the principles of Qard and Wadi’ah Yad Damanah create similar obligations between the counterparties i.e the Bank and the depositor. However, technically the principles of Qard and Wadi’ah Yad Damanah are explained as follows:
Qard :
Qard means a loan by a lender to a borrower where the borrower is bound to repay an equivalent amount to the lender. When use as a concept applicable to your account, you as the Customer by placing funds into the account becomes the lender that lends the funds placed to the Bank as borrower, who is then bound to repay the Customer an equivalent amount placed by you. The acceptance and continuance of an account will be entirely at the discretion of the Bank subject to the lender complies with Rules & Regulations under concept of Qard. The Bank in this situation is obliged to repay the money placed by the Customer, subject to the Bank’s procedures.
Wadi’ah Yad Damanah :
Wadi’ah Yad Damanah means safe keeping with guarantee. It refers to the transaction between the depositor (Customer) and the custodian (Bank) for the safe keeping of the goods or money. The acceptance and continuance of an account may be granted by the Bank subject to the Shariah principles, and upon compliance with the Rules & Regulations under the concept of Wadi’ah Yad Damanah by the depositor. The Bank in this situation is obliged to safe-keep the goods or money and shall return the same to the depositor accordingly, subject to the Bank’s procedures.
4. What do I need to do for this exercise?
You do not have to do anything. The Exercise will be performed by the Bank at no cost to you. You may continue to operate the account as usual.
5. Would there be any changes in the benefit of the existing products?
No, all benefits that you currently enjoy shall remain, such as Debit Card, Online Banking and Self Service Terminals.
6. Is Qard CASA-i protected under PIDM?
Yes, Qard CASA-i will be classified as deposit accounts and therefore are eligible for PIDM protection subject to Terms and Conditions.
7. Where can I obtain further information on this Renaming Exercise?
You may visit any of our OCBC Al-Amin or OCBC Bank branches or call our contact centre at 03-8314 9310 (Personal Banking) or 1300 88 7000 (Business Banking).
8. Will I be entitled to any Hadiyyah as under the Wadi’ah Yad Damanah accounts?
As under Wadi’ah Yad Damanah accounts, any Hadiyyah (gift) made by the Bank to the customer is solely based on the Bank’s discretion. The disclosure on the Hadiyyah to the customer is based on historical information and shall not be construed in any way as an indicative or prospective rate.