04 June 2021

Launch of Current Account and Savings Account Products based on new Shariah contract


Dear Valued Customers,

Please be informed that Alliance Bank will discontinue the delivery of physical copies of individual Conventional and/or Islamic Current Account monthly statements.

For existing allianceonline users registered before 31st May 2021, you will no longer receive physical copies of your Current Account monthly statements effective 1st August 2021. No action is required if you are an existing allianceonline user.

If you have yet to register as an allianceonline user before 31st May 2021, you will no longer receive physical copies of your Current Account monthly statements effective 1st December 2021. As such, you are advised to register for our Online Banking – allianceonline to view your monthly eStatements. Here are 5 simple steps on how to self-register as an allianceonline user:

Step 1 19 november 2021
Step 2 If you do not have Debit/ATM Card, select your account type “I do not have any Alliance Bank cards, I will register via Temporary ID”
Step 3 Call Contact Centre at 03-5516 9988 to request for Temporary ID & T-PIN and authenticate your mobile number by entering T-PIN which will be sent to your verified mobile phone number. Note: Register for allianceonline via Temporary ID and T-PIN, you will be given “Inquiry only” access package to allianceonline which enables you to only view account balances online. To upgrade your access package to “Inquiry and Transaction”, please check out the FAQs.
Step 4 Create Username & Password and accept the Terms & Conditions for allianceonline services.
Step 5 Once registration is successful, please click “Login” to proceed at the login screen.

Qard - Qard refers to a contract of lending money by a customer (lender) to a Bank (borrower) where the Bank has an obligation to repay an equivalent replacement amount to the customer. The Bank has the right to utilise the money for its banking activities and is entitled to the benefits or revenues gained from the money that was borrowed.

Tawarruq - Murabahah refers to a sale and purchase of an asset where the acquisition cost and the mark-up are disclosed to the purchaser. A tawarruq consists of two sale and purchase contracts. The first involves the sales of an asset by a seller to a purchaser on a deferred basis. Subsequently, the purchaser of the first sale will sell the same asset to third party on a cash and spot basis.

Murabahah via Tawarruq involves the sale and purchase of an asset (Shariah compliant commodities) with disclosure on the cost of the asset and the profit rate.