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| Frequently Asked Questions (F.A.Q's) | ||||||
| Islamic banking is a banking activity based on Islamic principles, that does not allow the | ||||||
| What is Islamic banking? | paying and receiving of interest and promotes profit sharing in the conduct of banking | |||||
| business from theIslamic point of view. | ||||||
| Is Islamic banking meant for Muslims only? | No. Islamic banking is available to all, regardless of their religious belief. | |||||
| What are the differences between | Islamic banking prohibits any element of interest. Islamic banking activity is based on the | |||||
| Islamic and conventional banking? | trading principle of buying and selling of assets or the rental / leasing of assets. | |||||
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Other Website Links |
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| All the parties involved in the transaction are well informed of the absolute costs to be | ||||||
| incurred from the very beginning, thus eliminating any doubt about the transaction. | ||||||
| As a depositor, how do I benefit if | Depositors get to share the profits from Islamic banking activities based on an agreed | |||||
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Financial Institutions |
Islamic banking does not pay interest | profit sharing ratio between the depositor and the bank and paid in the form of dividends to | ||||
| on my deposits? | the depositor. The amount of dividend payout depends on the profits generated from the | |||||
| Do I need to pay zakat for my deposits / | The requirement to pay zakat is only for Muslims. | |||||
| dividends? | ||||||
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Regulators |
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| Where can I obtain Islamic banking | Islamic banking products and services are available at any financial institution that carries | |||||
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Associations |
products and services? | the following Islamic banking logo. | ||||
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Financial / Business Sites |
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| What is the difference between the Islamic | IBS is a scheme introduced with the objective of disseminating and promoting Islamic | |||||
| banks and the Islamic Banking Scheme | banking on a wider scope by utilising the existing banking infrastructure in the | |||||
| (“IBS”) banks? | conventional banks. Bank Negara Malaysia requires IBS banks to separate the funds and | |||||
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Investments |
activities of Islamic banking from conventional banking. | |||||
| Islamic banks banking activity are entirely Syariah compliant. | ||||||
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Education / Training |
Does the operation of the IBS banks fully | Yes. Most IBS banks and Islamic banks give rebate upon :- | ||||
| comply with the requirements of Syariah? | ||||||
| � Early settlement | ||||||
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Training ◄ |
� Prepayment | |||||
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Other Sites |
� Projects completed earlier than the contracted completion date | |||||
| Are there any late charges if I default in | Yes. The compensation charges imposed is 1% per annum based on the instalment | |||||
| my instalment payment? | amount in arrears. | |||||
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Useful Contacts |
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| Can an IBS bank transfer credit balances | An IBS bank may transfer funds from an Islamic account to a conventional account upon | |||||
| of a customer’s Islamic account to a | a customer’s request. However, transfer of funds from a conventional account to an | |||||
| conventional account or vice versa? | Islamic account can only involve the principal amount. No element of interest is allowed | |||||
| to be transferred. | ||||||
| What are the avenues available if I am | If you are not satisfied with the services provided by the Islamic banks or IBS banks, you | |||||
| dissatisfied with the services provided by | may lodge a formal complaint to the management of the respective banks. | |||||
| Islamic banks or IBS banks | ||||||
| For IBS banks, if you are still not satisfied with the reply given by the management of the | ||||||
| bank, you may forward the complaint to the Banking Mediation Bureau (“BMB”), an | ||||||
| independent body to address complaints on financial institutions. However, BMB only | ||||||
| handles complaints involving monetary losses of up to RM25,000 for the following types of | ||||||
| complaints :- | ||||||
| � Charging of excessive fees and penalties | ||||||
| � Misleading advertisement | ||||||
| � Unauthorised withdrawals of deposits | ||||||
| � Unauthorised use of credit card | ||||||
| � Unfair practice of pursuing actions against guarantors | ||||||
| For Islamic bank and cases not within BMB’s purview, you may refer them to BNM. | ||||||