Maybank Islamic Bhd introduced Malaysia's first ever social impact deposit, under its Islamic fixed deposit account (IFD-i). Under the campaign, customers are offered to place a fixed deposit and help in extending financial relief to those whose incomes have been affected by the Covid-19 pandemic. The bank said members of the public can participate in this social cause by making a minimum placement of RM1,000 into an IFD-i account for six months. While customers will receive the prevailing board rate for their deposits, Maybank Islamic will separately contribute 0.3 per cent per annum to a special account, which is the Social Impact Assistance Account, for every deposit placement made during the offer period. This special account is designated to provide support to beneficiaries comprising Maybank Islamic customers identified and assessed by the bank to be in dire need of financial assistance due to a loss of income or employment as a result of the pandemic. Maybank Islamic chief executive officer Datuk Mohamed Rafique Merican said this initiative is in line with Maybank's ongoing efforts to provide assistance to its customers who are impacted by the Covid-19 pandemic. "The impact of the virus has been devastating for so many and we believe that we are in a unique position to assist those who are still rebuilding their lives at this time. Hence, we have come up with this initiative to enable members of the community who also share the same sentiments to join hands with us," he said.

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New Straits Times