About Bank Islam
Bank Islam is a Shariah-compliant Islamic finance specialised bank in Malaysia. Complying with Shariah (Islamic law), it does not use interest (riba). Savings accounts are structured under Qard contracts (discretionary rewards from the bank = hibah), and fixed-term products use Tawarruq contracts (confirmed returns based on sales transactions). Foreign nationals with long-term visas may be able to open accounts at branch counters, but online account opening and certain products are limited to Malaysian citizens and permanent residents.
Basic info
| Bank type | Local Islamic Bank |
|---|---|
| Official name | Bank Islam Malaysia Berhad |
| Visas eligible to open an account | Employment Pass (EP), Guardian visa, MM2H, Student visa |
| Branch visit & procedure | Required |
| Required documents | Original passport / Long-term visa / Proof of address (rental contract, utility bills, etc.) / Malaysian mobile number / Letter from employer, school, etc. (varies by bank) |
| Best for | People interested in Islamic finance |
| Official site | https://www.bankislam.com/ |
| Notes | Product structures differ from conventional banks, so advance verification is recommended. Foreign national services vary significantly by branch |
