BSN converts two products from mudarabah to wadi'ah

Bank Simpanan Nasional (BSN) has announced that effective 1 September 2015, the following BSN Islamic Deposit products based on the mudarabah type of contract will be converted to the wadi’ah type of contract instead:

No.	Product Name
1.	BSN GIRO-i Account including Kelab Penabung Muda (KPM) dan Skim Galakan Simpanan Pelajar (SGSP)
2.	GIRO-i eSaver

Customers are deemed to have consented to the conversion unless BSN is notified otherwise, and are not charged for the conversion. According to the bank, account numbers remain unchanged, and customers can operate their accounts as usual, with deposits still guaranteed by the Government of Malaysia.

Under the wadi'ah contract, some of the features and benefits of the products have changed. More information regarding the new features and benefits can be viewed online, shared through the 1300 88 1900 hotline or by visiting any BSN branch.