KUALA LUMPUR (March 9): Agrobank has announced a new savings product called Agro Farah-i exclusively for all women aged 18 years old and above to support women’s empowerment in the country in conjunction with International Women's Day.

According to Agrobank chairman Datuk Mustapha Buang, the uniqueness of the product is the element of hibah shared for each account that has been tagged to an Agro Farah-i account, namely accounts that belong to either her husband or children.

In a statement, he said this unique feature encourages women to save more and be rewarded with shared hibah.

With a minimum deposit of RM50, it also allows women to start small and get more rewards with more savings in the future, he added.

“We believe by encouraging women to adopt smart financial skills through savings, it will provide them with one of the most powerful tools to build better lives for themselves, their families and their communities in the long run as this is a key pillar in sound financial management.

“Agro Farah-i was introduced in July 2020 and as at Feb 15 2021, a total of 1,870 account openings had been recorded with total savings value amounting RM2,971,100.78. This was a testament to an encouraging response, even though this product had not been officially launched,” Mustapha said.