how to transfer money from an islamic bank to an online islamic bank

Transfer Money Between Islamic Banks Online in Malaysia: 3 Easy Steps

Are you looking for a way to transfer money from your Islamic bank account to an online Islamic bank account in Malaysia? If so, you are not alone. Many Malaysians are opting for online Islamic banking as a convenient and Shariah-compliant way to manage their finances.

But how do you transfer money from one Islamic bank to another online? Is it safe, fast and easy? What are the fees and charges involved? In this article, we will answer these questions and show you how to transfer money from an Islamic bank to an online Islamic bank in Malaysia in 3 easy steps.

Step 1: Choose your online Islamic bank

The first step is to choose your online Islamic bank. There are many online Islamic banks in Malaysia that offer various products and services, such as savings accounts, current accounts, financing, investment, takaful and more. Some of the popular online Islamic banks in Malaysia are:

  • Bank Islam Internet Banking: This is the online banking platform of Bank Islam Malaysia Berhad, the first Shariah-based banking institution in Malaysia. It offers a range of features, such as fund transfer, bill payment, zakat payment, prepaid reload and more. You can access it via Bank Islam Internet Banking.
  • Maybank2u Islamic: This is the online banking platform of Maybank Islamic Berhad, the largest Islamic bank in Malaysia by assets. It offers a variety of features, such as fund transfer, bill payment, e-wallet top up, investment and more. You can access it via Maybank2u Islamic.
  • CIMB Clicks: This is the online banking platform of CIMB Islamic Bank Berhad, the second largest Islamic bank in Malaysia by assets. It offers a range of features, such as fund transfer, bill payment, e-wallet top up, financing and more. You can access it via CIMB Clicks.

You can choose any online Islamic bank that suits your needs and preferences. However, make sure that the online Islamic bank is licensed and regulated by Bank Negara Malaysia (BNM), the central bank of Malaysia. You can check the list of licensed Islamic banks in Malaysia here: List of Licensed Islamic Banks in Malaysia.

Step 2: Register for online banking

The second step is to register for online banking with your chosen online Islamic bank. You will need to have an account with the online Islamic bank before you can register for online banking. If you don’t have an account yet, you can open one online or at any branch of the online Islamic bank.

To register for online banking, you will need to provide some information, such as your account number, identification number (NRIC), mobile phone number and email address. You will also need to create a username and password for your online banking account. Some online Islamic banks may also require you to set up a security question and answer or a PIN code for extra security.

Once you have registered for online banking, you will receive a confirmation email or SMS from your online Islamic bank. You will need to activate your online banking account by following the instructions in the email or SMS. After that, you can log in to your online banking account using your username and password.

Step 3: Transfer money from your Islamic bank to your online Islamic bank

The third and final step is to transfer money from your Islamic bank account to your online Islamic bank account. There are different ways to do this, depending on the type of fund transfer service that your Islamic bank and your online Islamic bank offer. Here are some of the common fund transfer services that you can use:

  • DuitNow: This is a service that allows you to transfer money instantly using only the recipient’s mobile phone number or NRIC number. You don’t need to know the recipient’s account number or bank name. To use this service, you need to link your mobile phone number or NRIC number to your account with your Islamic bank and your online Islamic bank. You can do this via your respective banks’ websites or mobile apps. Once you have linked your numbers, you can transfer money from your Islamic bank account to your online Islamic bank account by selecting DuitNow as the fund transfer option and entering the recipient’s mobile phone number or NRIC number.
  • Interbank GIRO (IBG): This is a service that allows you to transfer money electronically from one bank account to another within Malaysia. To use this service, you need to know the recipient’s account number and bank name. You can transfer money from your Islamic bank account to your online Islamic bank account by selecting IBG as the fund transfer option and entering the recipient’s account number and bank name. You may also need to enter the recipient’s name and email address for verification purposes.
  • Instant Transfer (IT): This is a service that allows you to transfer money instantly from one bank account to another within Malaysia. It is similar to IBG, but faster and more convenient. To use this service, you need to know the recipient’s account number and bank name. You can transfer money from your Islamic bank account to your online Islamic bank account by selecting IT as the fund transfer option and entering the recipient’s account number and bank name. You may also need to enter the recipient’s name and email address for verification purposes.

The fees and charges for these fund transfer services may vary depending on your Islamic bank and your online Islamic bank. You can check the fees and charges on your respective banks’ websites or mobile apps. You can also compare the fees and charges of different fund transfer services here: Comparison of Fund Transfer Services.

Once you have transferred money from your Islamic bank account to your online Islamic bank account, you will receive a confirmation email or SMS from your online Islamic bank. You can also check the status of your fund transfer on your online banking account or mobile app.

That’s it! You have successfully transferred money from your Islamic bank to your online Islamic bank in Malaysia in 3 easy steps. Now you can enjoy the benefits of online Islamic banking, such as convenience, security, Shariah compliance and more.

We hope this article has been helpful and informative for you. If you have any questions or feedback, please feel free to leave a comment below. Thank you for reading!


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