facebookAside from the CIMB StarSaver-i Account, what other Shariah-compliant savings accounts are there? - Seedly

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Anonymous

06 Mar 2020

Saving Hacks

Aside from the CIMB StarSaver-i Account, what other Shariah-compliant savings accounts are there?

I recently read about the concept of Shariah-compliant savings accounts and I am super intrigued by it (Chinese here btw). Could anyone share with me what are the concepts behind this and what other alternatives are there for the Muslim communities?

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Broadly, savings that one park in the Shariah-compliant bank account has to follow the Islamic law - funds are not used to engage in prohibited businesses such as gambling, weaponry, pork-related products, etc.

For saving account options, you can refer to this link: http://www.smartmamat.com/8-islamic-savings-acc...

Disclaimer: I do not own any Shariah-compliant bank accounts

Andy Sim

06 Mar 2020

HR Professional at a Financial Institution

Islamic banking is basically banking that upholds Sharia principles - they are interest free and are not allowed to invest in companies that are not allowed in Islam. Meaning industries like pornography, alcohol etc. Since interest is not allowed, anything that the bank gives you should be treated as a gift from the bank, so technically you have no claim on anything except your principal amount.

The other Sharia compliant savings accounts are:

1) CIMB FasterSaver-i Account

2) Maybank i-SAVvy Savings Account-i

3) Maybank Ar Rihla Regular Savings Account

There's more too but they serve different purposes or client base.

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