What are the differences between Islamic and conventional banking?
Islamic banking is based on Shariah principles, which prohibit the charging of interest (riba) and investing in activities considered haram (unlawful). Conventional banking, on the other hand, operates on interest-based transactions and does not have religious constraints on the nature of investments
Are my deposits in an Islamic bank insured?
Yes, deposits in Bank Muamalat are insured by Perbadanan Insurans Deposit Malaysia (PIDM). PIDM ensures that depositors’ funds are protected up to RM250,000 per depositor per bank, in the event that a member bank becomes insolvent
Is there a difference in pricing or rates between Islamic and conventional banking?
There may be differences in pricing or rates between Islamic and conventional banking, as Islamic banks operate on profit-sharing or cost-plus-sale models, rather than interest. However, in terms of competitiveness, Bank Muamalat strives to offer rates that are comparable to or even more favorable than conventional banking products.
Is there any risk associated with Islamic Banking And Finance?
Islamic banking and finance, like any financial system, come with risks. However, Islamic banks are required to adhere to strict Shariah compliance and risk management practices. The unique nature of profit-sharing and partnership-based products may lead to different risks compared to interest-based conventional products, but Bank Muamalat strive to minimize these through strong governance.
Can non-Muslims apply for Islamic banking products?
Yes, non-Muslims can apply for our Islamic banking products. Islamic banking is open to everyone, regardless of faith, as long as the products remain Shariah-compliant.
Does Bank Muamalat offer Internet banking for Islamic products?
Yes, Bank Muamalat offers Internet banking services for Islamic banking products through our online platform, i-Muamalat. This service allows you to manage your accounts, make payments, transfer funds, and access a wide range of banking services conveniently and securely.
