KUALA LUMPUR: Co-opbank Pertama Bhd (CBP) aims to garner a deposit growth of RM250 million for its Term Deposit-i service for individuals via the recently launched “You Save, CBP Doubles It” campaign.
Chief commercial officer, Mohd Faris Kamarudin said the campaign — which is exclusively for existing and potential customers — started on April 1, 2021, and will run for six months.
He said CBP is open to extending the campaign period, depending on the response.
Mohd Faris said the bank’s Term Deposit-i emphasises the concept of Islamic term deposits (Tawarruq), involving the sale and purchase of Shariah-approved commodities and fixed profit rates.
“It uses the Murabahah Tawarruq concept — the sale of commodities according to the purchase price with an agreed profit rate,” he said.
He said that the CBP Term Deposit-i is a low-risk investment compared to other types of investments, adding that the product will help customers to increase their term deposit investments with its fixed profit rate. The CBP Term Deposit-i also aims to encourage customers to invest wisely, especially during the current challenging economic environment. — Bernama