A friend have been checking out the local Fixed Deposit rates at various bank only to find that the interest rates are low. I know that for a fact as I did do my check out myself when I decided to put some money into Fixed Deposit. However, I didn’t check the CIMB FRIA-i account which is also a Fixed Deposit account from CIMB Islamic Bank. Offhand, I can’t remember how much are the interest rates that I get from Al Rajhi bank but from what I know, for this FRIA-i account, the depositor will be able to receive his/her “profit” upfront. This profit is the interest rate that the depositor will be getting.

As for the Al Rajhi Fixed Deposit, I do not get my interest paid upfront but I do get it calculated every month. Say if you have deposit some amount for a period of 3 months, you will be calculated and credit your share of the “profit” monthly. The interest rate that is calculate for you monthly will be based on the 1 month interest rate. If you have selected for the 3 months interest rate, the adjustment and difference of the interest rate will calculated back for you when your 3 months maturity date is up.