Frequently Asked Questions
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1. What is Islamic Banking?
Islamic banking refers to a banking facility that complies with Islamic law also known as Shari’ah law. The underlying principles that govern Islamic banking are mutual risk and profit sharing between parties, the assurance of fairness for all and that transactions are based on an underlying business activity or asset that is compliant with Islamic principles.
These principles are supported by Islamic banking's core values whereby activities that cultivate entrepreneurship, trade and commerce and bring societal development or benefit is encouraged. Activities that involve interest (riba), gambling (maisir) and speculative trading (gharar) are prohibited. |
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2. What is the Shariah principle?
The Shari’ah principle is a framework of Islamic law to guide all aspects of life including rituals/worship (ibadat), family matters (munakahat), financial transactions (muamalat) and punishment of crimes (jinayat).
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3. Why is Maybank Philippines offering Islamic Banking?
Maybank Philippines is offering Islamic Banking to provide Shari’ah-compliant products to Filipinos, providing alternative banking opportunities in the local market where such services are not yet available.
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4. How can customers be sure that Maybank Islamic products comply with the Shari’ah Law?
Customers can be assured that all Islamic Banking products offered by Maybank Philippines will undergo the review process and approval of the Shari’ah Committee of Maybank Islamic Berhad, bringing extensive experience, established infrastructure, and a proven framework for Islamic Banking in Malaysia and other Asian countries.
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5. What is the difference between Islamic Banking and conventional or traditional Banking?
The key difference is that Islamic banking operates in accordance with the Shari’ah law, which is fundamental for Islamic banking. Islamic banks are founded firmly by Shari’ah principles and must strictly comply with the end-to-end Shari’ah requirements.
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6. What are the benefits of an Islamic account?
Customers benefit from Shari’ah compliant investment, profit-certainty, no hidden charges, and adherence to Shari’ah requirements.
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7. Is Islamic Banking only for Muslims?
No, non-Muslims can also avail of Maybank’s Islamic products.
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Products
Currently, Maybank Philippines offers Shari’ah-compliant savings and current accounts for both retail and non-retail clients.
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9. Is it true that Islamic bank accounts bears no interest?
Yes, it is true as charging or earning interest is prohibited under Shari’ah law. However, for Shari’ah-compliant accounts, there is profit which generated from Shari’ah compliant activities that can be enjoyed by the account holder.
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10. Can I maintain several accounts with Maybank, consisting of conventional and Islamic accounts?
Yes, customers can avail both conventional and Islamic bank products.
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11. Can I convert my conventional product to Islamic banking product and vice-versa?
Customers have the option to switch between conventional and Islamic accounts by closing their conventional account and opening a new Islamic one. However, we recommend opening a new Islamic account in addition to their current existing account to optimize their earning potential and maintain their options.
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12. What is the underlying Shari’ah contract offered by Maybank Philippines under deposit products?
The Shari’ah contract used is a Commodity Murabahah (CM), a type of contract having a cost-plus sales arrangement.
In a Commodity Murabahah deposit, customers deposit their money with Maybank Philippines. Instead of earning interest, Maybank Philippines will use the deposits to buy and sell commodities (as deemed fit by the bank) from a commodity trader at a profit. A portion of this profit is then shared with the customer, providing a return on their deposit in a Shari’ah-compliant manner. |
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13. Does CM-based CASA account give out profit?
CM-based Savings Account provides profit, however, the CM-based Current Account does not earn profit as it is waived (ibra’) by the customer.
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14. Is this regulated by the Bangko Sentral ng Pilipinas?
Yes, Maybank Philippine’s Islamic bank accounts are deposit products regulated by the BSP.
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15. Is my money insured by PDIC?
Maybank Philippines Inc. Islamic Deposit products are insured by PDIC up to P1 Million per depositor.
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16. Is there a customer service number I can call for additional inquiries and concerns on Islamic Banking?
You may call our Customer Care at (02) 8588 3888, PLDT Domestic Toll Free 1-800-10 588 3888 or email at mpi.customerservice@maybank.com.
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Transactional / Services
Yes, you can transfer funds between your conventional and Islamic bank accounts easily. You can do this through online and mobile banking platforms or by visiting any Maybank branch nationwide.
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18. What can I do with my Maybank Islamic account?
With the Maybank Islamic deposit products, you can:
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19. Can I use my existing ATM or debit card to link to my Islamic savings account?
Yes, this can be done, provided that the existing debit card is linked to a Current Account (CA). Each Visa Debit Card can be linked to only one Current Account and one Savings Account. These linked accounts may both be Islamic, both conventional, or a combination of the two.
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20. Can I use my Islamic CASA debit card to purchase non-halal products or services?
There are no merchant restrictions applied to transactions made using the debit card linked to your Islamic CASA. This means the card can technically be used at any merchant, including those selling non-halal products or services. However, Maybank encourages clients to use their Islamic accounts in line with Shari’ah principles and for permissible (halal) transactions.
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21. Can I open an Islamic account at any Maybank branch nationwide?
Our Islamic Banking services are available at the following branches:
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22. Can I deposit/withdraw from my Islamic account at any Maybank branches nationwide?
Yes, you can conveniently deposit and withdraw funds at any Maybank branches or ATMs nationwide without additional charges. Additionally, you have the option to withdraw from ATMs of other local or international banks subject to a transaction fee.
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23. Can I enroll my Islamic account on the Maybank online/mobile banking app?
Yes, you can enroll your Islamic bank account in your M2U internet banking or M2U mobile banking app. Here’s how:
(1) Login to M2U via the Website www.maybank.com.ph. (2) Click "Account Maintenance". (3) Enter the Islamic CASA Account No. to be linked and Click "Continue". (4) Request for the One-Time PIN (OTP). (5) Enter OTP sent to your M2U registered mobile number and click “Confirm” to complete process. If you do not have M2U access, you will need to enroll first to view your Islamic account. Here’s how to enroll in M2U: (1) Launch the New Maybank2u PH (M2U) Mobile App and go through the introduction screens for a quick guide on the M2U functionalities by tapping on the "Next" button. (2) Read and Agree on the Privacy Notice and Internet Banking Term & Conditions. (3) You will be redirected to the Pre-Login Dashboard. Tap "Log In Now" to proceed. (4) You will be redirected to the Login screen. Tap "Register for Maybank2u"at the lower portion of the screen. (5) Tap on the dropdown list and select the type of account to be enrolled. (6) Select "Deposit". (7) Enter your IB Access Number and First Time Activation Code (FTAC). Read& agree to the Terms & Conditions then tap "Next". (8) Create your Maybank2U username. (9) Create your Maybank2U password. (10) Select a security image. (11) Enter a security phrase. (12) Set up three (3) security questions and answers. (13) Create your 6-digit PIN. This will be used as backup to your biometric login. (14) Re-enter your PIN to confirm. (15) Enable Biometric or Face ID. (16) Scan your fingerprint or capture Face ID. (17) Enter your preferred Display Name that will appear on your M2U dashboard. (18) Select your Primary Account for M2U transactions and tap "Next". (19) Activate Secure2u (S2U) for a safer and faster way to authorize your transactions. (20) Confirm the device name to be linked to Secure2u and tap "Next". (21) Enter the OTP to complete S2U activation. (22) Your Secure2u (S2U) is now enabled, tap Done to complete activation. |
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24. Can I use my Islamic account as source of payment for bills and QR payment?
Yes, you can use your Islamic bank accounts as source of payment for your bills and QR payments using the M2U internet banking or M2U mobile banking app.
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25. Can I request for a bank certificate for my Islamic account? Is there a fee?
Yes, customers can request bank certification for their Islamic accounts. The fee for this service is Php200.00.
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26. What are my transaction limits, fees and charges?
Standard limits, fees and charges apply. For details on the applicable banking fees and charges, please visit https://www.maybank.com.ph/en/personal/deposits/fees-charges.page
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27. Do you offer Islamic Financing?
For now, the Islamic financing facility is not yet available. We will keep you posted on any updates.
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Islamic Banking for Non-Retail Clients
Yes, Maybank Philippines offers Islamic savings and current accounts for our corporate clients.
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29. Which business facilities can I avail using my Islamic account?
Your Islamic accounts can be used for cash management solutions for businesses. Cash Management Solutions (CMS) refers to a suite of digital and service-based banking solutions designed to help businesses manage their cash flows efficiently. This includes payroll, payments or disbursements, collections, online corporate banking, and other related account services.
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30. Who can avail of CMS?
Retail clients (eg. sole proprietors) and non-retail clients (eg. corporations, partnerships, cooperatives, associations, and foundations) with an Islamic account with MPI are eligible to avail of cash management solutions.
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31. Are the CMS facilities for Islamic CASA clients different from those for conventional CASA clients?
No. Islamic CASA corporate clients will have access to the same CMS facilities available for conventional clients, however, transactions made using an Islamic CASA are aligned with the Shariah principles.
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32. How do I access my corporate Islamic account?
Clients may view their corporate accounts using the Maybank2E (M2E) platform. M2E is a regional cash management platform that offers a broad spectrum of web-enabled cash management solutions i.e., information management, payables management and, receivables management.
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33. What can corporate clients do on M2E?
M2E is a comprehensive online banking platform designed to give you full control over your company’s finances anytime and anywhere. With M2E, you can easily view your Maybank accounts, perform transactions, and generate detailed reports. You can access M2E through your preferred web browser on a computer, tablet, or smartphone running on Android or iOS. For even greater flexibility, download the M2E Global App to stay connected on the go. View account balances, track transaction statuses, and authorize transactions securely wherever you are.
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34. Is there a separate platform for Islamic CASA clients?
No, clients will use the same M2E platform as conventional clients, with their Islamic CASA accounts linked accordingly.
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35. Will I receive bank statements (SOA) on my Islamic CASA accounts?
Yes. You will receive a quarterly SOA for your Islamic Savings Account and a monthly SOA for your Islamic Current Account. Alternatively, you may also view your transaction history anytime through M2E.
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36. What payroll services are available under CMS?
MPI offers Payroll Manager, a hassle-free payroll solution that allows your company to conveniently pay employee salaries directly into their MPI accounts.
The service includes an Excel converter that generates an upload-ready file for M2E, simplifying the payroll process. It also provides a detailed report that can be used for filing, reconciliation, or reference purposes. |
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37. Do you have Islamic payroll accounts for my employees?
Currently, Islamic payroll accounts are not yet available. However, clients have the option to choose between our conventional payroll accounts with no maintaining balance or use regular Islamic CASA.
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38. Can payroll credits be made to both Islamic and conventional accounts?
Yes, payroll can be credited to both regular Islamic CASA and conventional CASA accounts.
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39. What payment or disbursement services are available under CMS?
MPI offers bulk fund transfers, supplier payments, and payments for government contributions through our secure digital platform. We also offer check making or check writing solutions to ease your banking needs.
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40. Are these payment services Shariah-compliant?
Yes, payments are processed using your Islamic CASA as the source account ensuring transactions are Shariah-compliant.
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41. What type of collection services are offered by MPI?
Corporate clients can avail of collection arrangements, such as cash pick-up services, bills payment, and scheduled debit arrangements. Check warehousing, express collection, and virtual accounts are also available.
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42. Do you offer support or assistance on the use of the CMS facilties?
Yes, MPI has dedicated relationship managers who will support clients with onboarding, training, and other services.
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43. Is there a financial requirement to avail the CMS facilities?
The pricing for the use of the CMS facilities is ADB-based. Clients who prefer a fee-based arrangement instead of the standard ADB-based pricing may do so, subject to the Bank’s management review and approval.
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44. How can I avail of the cash management solutions with an Islamic CASA account?
To avail our CMS using an Islamic CASA account, simply visit any Maybank branch nationwide and inform our branch staff which solutions you would like to avail.
For new clients, please specify which Islamic banking window you would like to maintain your account with. Our branch staff will coordinate with the designated IBW to facilitate the account opening and CMS enrollment process. Alternately, you may also reach out to our Cash Management team via email at ph.cms@maybank.com or call our Customer Care at (02) 8588 3888, PLDT Domestic Toll Free 1-800-10 588 3888. |
(02) 8588-3888 | PLDT Toll Free: 1-800-10-588-3888
mpi.customerservice@maybank.com
Maybank Zamboanga Branch Ground Floor,
A proud member of BancNet and PDIC. | Deposits are insured by PDIC up to P1 Million per depositor.
Maybank Philippines, Inc. is regulated by the Bangko Sentral ng Pilipinas | https://www.bsp.gov.ph