Bank Rakyat introduces Korban Savings-i Account

In conjunction with Aidiladha this year, Bank Rakyat has introduced the Korban Savings-i Account to facilitate Muslims in this country to participate in the "ibadah korban" (ritual of sacrifice) activity.

Bank Rakyat, in a statement today, said the savings based on the 'Wadi'ah Yad Dhamanah' principle can be made in monthly installments or in lump sum, to ease the planning of "ibadah korban" by mosque or surau committees or certified agencies appointed by the bank's Korban Committee.

"The account is structured in a way to enable the savings (for "korban" purposes") to be utilised in a more organised and flexible manner while ensuring that the sacrificial ritual is being done by experienced and accredited operators, locally and abroad," it said.

According to the statement, Muslims can go to any Bank Rakyat branch to open the Korban Savings-i Account, which was introduced on Aug 1.

For the record, Wadi'ah Yad Dhamanah is a savings contract in which the bank acts as the depository or trustee for the fund deposited by the bank customers who also give their consent for the bank to use the deposit, while the bank is accountable for the deposit.

-- BERNAMA