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I
Ibra' -
Rebate given by the Islamic banking institution for the unearned
profits, in the event of early redemption of financing. The rebate
will be in the form of a reduction in the balance outstanding of the
selling price.
Inactive Account - An account that has no transaction for a
specific period, e.g., 6 months or 12 months.
Installment - Monthly payment that the borrower has to pay to
the banking institution as stated in the loan or financing
agreement.
Insufficient Funds - The notation of dishonour (of a cheque)
indicating that the drawer's account does not contain enough money
to cover payment of the cheque.
Insurance Protection on Purchase with Card - Merchandise
purchase Insurance coverage provided by card issuers on merchandise
purchase charged to the credit card in the event the merchandise is
lost / damaged. Generally, protection is given for a limited period,
e.g. 30 days from date of purchase and there may be a limit on the
maximum amount of coverage given.
Interbank Giro
- An electronic funds transfer payment system for interbank payments
up to a maximum of RM100,000 per transactions
Interest Rate - The amount charged by the lender to the
borrower for borrowing a sum of money expressed as percentage of sum
borrowed.
Investment Risks - Investment unlike savings involves risk.
This refers to the risks that the value of an investment may be
lower due to factors like movements in asset prices arising from
changes in the market sentiment, business cycles, company revenue
performance and changes in credit ratings.
Investment-linked insurance - A life insurance plan that
combines investment and protection. The premiums paid will partly be
used to pay for life insurance cover and partly for investment in
specific investment funds of the policyholder's choice.
Islamic Banking Institutions - Banking institutions licensed
under the Islamic Banking Act (IBA) 1983 or the Banking and
Financial Institutions Act (BAFIA) 1989 that offer Islamic banking
products and services.
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