|1. What is the difference between conventional and Shariah compliant products?
Shariah complaint banking is based on Shariah law. The Shariah banking system is based on avoidance of interest, taking liability and business risk while providing financial products catering to every market segment.
The majority of the conventional ibq products offered have exact or similar Shariah compliant equivalents, so we are confident that we will fully serve your banking needs.
|2. Will I see changes in the terms and conditions of my products?
Yes. However, we can commit that any such change will not adversely impact the commercial terms and conditions of your products.
As your accounts and products are converted from conventional to Shariah compliant, the terms and conditions applicable to your products will be updated. For updated terms and condition, please click here.
|3. Will the current ibq products still be available after their conversion to Shariah compliant version?
Conventional products will no longer be available. However, their Shariah compliant versions will be available. Specifically, all following product types will continue to be available to serve your needs:
Commercial terms would remain the same as for conventional products. For new products commercial terms will reflect the bank’s policy at the time of new product issuance.