The merged entity is a Shariah compliant bank that will conduct business in a manner compliant with Shariah principles. As part of this transformation, your products will be converted to Shariah compliant equivalents without any changes to your commercial terms or any action being required from your side. On this page you will find more information on the conversion process and your updated T&C.

 
 ibq product  Shariah
 equivalent
 after   conversion
 Details  Contract

 Current
 account

 Current
 account

  • There will be no changes to your current accounts

 Savings
 account

 Savings
 account

  • Your existing savings account will be converted to Shariah-compliant savings accounts starting from Legal Merger Date without any action required from your side and without any cost.
  • The rates we offer depend solely on the combined banks’ policy and will not be affected from conversion to Shariah-compliant banking. We will continue offering the most competitive rates in the market, to ensure that our relationships with customers continue to grow.

 Fixed
 deposits

 Time
 deposits

  • Your current deposits will not change until the roll-over or a future date which will be communicated to you in due course.
  • Conversion will not require any action on your side and we will do our best to ensure that you will face no financial impact due to conversion.
  • In Shariah compliant deposit products, we will be responsible for investing your capital on your behalf and sharing with you the profit.

 Credit/
 Debit cards

 Shariah
 compliant   credit/
 debit cards

  • Your credit/debit cards will be converted on a future without requiring any effort from your side.
  • Your current ibq credit/debit cards will continue to be honored. We will let you know well in advance of any changes to your credit/debit card experience.
  • Going forward we expect you not to use your card for non-Shariah expenditures

 Personal/
 Vehicle Loans

 Personal/
 Car Financing

  • There will be no change in your financing products until a further date which will be communicated to you in due course
  • In this future date, there will be a seamless conversion of your existing loans to Shariah-compliant financing products.  
  • There will be no changes in your financial terms and no action will be required on your behalf.

 Mortgage/
 Equity Release

 Housing
 finance

  • There will be no change in your financing products until a further date which will be communicated to you in due course
  • In this future date, there will be a seamless conversion of your existing loans to Shariah-compliant financing products.  
  • There will be no changes in your financial terms and no action will be required on your behalf.

 Emergency   overdraft

 Salary
 advance

  • This facility will be available in a Shariah-compliant manner with the same process in place