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Anonymous
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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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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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