Maybank introduces social fixed deposit campaign

by NUR HANANI AZMAN / pic by TMR FILE

MALAYAN Banking Bhd (Maybank) through Maybank Islamic Bhd yesterday introduced the Social Impact Deposit (SID) campaign under its Islamic fixed deposit account (IFD-i), which allows customers to place a fixed deposit and help those whose incomes have been affected by the Covid-19 pandemic.

Members of the public can participate in the 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 annum to a special Social Impact Assistance Account for every deposit placement made during the offer period.

Maybank Islamic CEO Datuk Mohamed Rafique Merican said the special account is designated to provide support to beneficiaries composed of Maybank Islamic customers. These customers have been identified and assessed by the bank to be in dire need of financial assistance due to loss of income or employment as a result of the pandemic.

“The impact of the virus has been devastating for many, and we believe 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 in a statement.

The campaign runs until Dec 31, 2020. Customers can make their placements via Maybank2u or at any Maybank/Maybank Islamic branches in Malaysia.

Mohamed Rafique said the SID is very much aligned with Maybank Group’s sustainability agenda and commitment to embedding good environmental, social and governance practices within its operations and delivering meaningful solutions to the community.

“Given our mission is to humanise financial services, we continuously challenge ourselves to see how we can also make a positive impact on the community and environment through our products and services.

“The SID initiative provides us an avenue to do so, and work with like-minded people to help our fellow citizens navigate this crisis together,” he added.

The initiative is one of the many Maybank has introduced to support the community in these trying times.

Other campaigns include the Mercy Malaysia Covid-19 Fund, the People’s Campaign via crowdfunding platform MaybankHeart to provide support in collaboration with non-governmental organisations who assist Malaysia’s most at-risk communities.

The group also supports the Maybank Women Eco-Weavers, who during the pandemic have produced sustainable and reasonably-priced face masks for their communities.