AmBank targets RM2b for AmAdvance

KUALA LUMPUR: AmBank Group expects its new AmAdvance Investment Account-i to attract RM2 billion within the first three months.

AmIslamic Bank chief executive officer Datuk Mahdi Murad said AmAdvance will invest in several economic sectors.

"We are looking into financing. It could be financing infrastructure, property development, manufacturing, oil and gas.

"We will look into the economics of that particular business itself, but it must be syariah-compliant business," Mahdi said after the launch here yesterday.

AmAdvance enables customers to earn returns based on the expected profit rate (EPR) provided by the bank upon the deposit placement.

It offers a low initial placement of RM1,000 for all tenures. The investment tenures vary from one month to 60 months.

The fund provides flexibility and convenience for an investment with a short, medium, or long-term investment period, Mahdi said.

It also provides the flexibility for partial withdrawals at any point of time with a minimum balance of RM1,000 in the account.

Depositors may enjoy half of the EPR on partial withdrawal, subject to a minimum completion of a three-month placement.

AmAdvance is currently distributed across all AmBank Group distribution channels. They include the 190 AmIslamic Bank and AmBank branches as well as via business banking and investment banking channels.