In a news release on 4 May 2009 in Singapore, the Islamic Bank of Asia announced the launch of US Dollar Islamic Placement, its first liquidity product designed to help customers achieve attractive returns over a short period of time through a Shariah compliant process.
Table showing Rates of return for (USD) US Dollar Islamic Placement product:
The US Dollar Islamic Placement is like a fixed deposit account, except it is based on the Shariah principle of Murabaha, i.e., a cost plus profit sale contract.
The US Dollar Islamic Placement has a minimum placement amount of USD 500,000 and has tenors of either three months or six months.
The US Dollar Islamic Placement’s competitive rates of return will be pitched slightly higher than those of most conventional fixed deposits; it also qualifies for the Singapore government’s guarantee for local and foreign currency deposits until 31 December 2010.
The product’s offer period is for up to 1 month beginning 4 May 2009, and is jointly distributed by The Islamic Bank of Asia and DBS Bank’s Private Banking division. DBS Trustee has been appointed as the agent to act on behalf of the customers in the Murabaha transactions.
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