Thursday, March 27, 2014

AIBIM: Transition of Islamic deposit under IFSA 2013

KUALA LUMPUR, March 20 (Bernama) -- The Association of Islamic Banking Institutions Malaysia (AIBIM) wish to inform that the Islamic Financial Institutions (IFIs) will embark on an exercise to reclassify the Islamic deposits as defined under Islamic Financial Services Act 2013 (IFSA 2013).

The IFSA 2013 has introduced two major classifications of products for the acceptance of money from customers by the Islamic banking institutions, namely Islamic deposits and investment accounts.

Islamic banking institutions will reclassify the Islamic deposits into Islamic deposits and investment accounts.

IFIs will also provide alternative products with considerations that the new products will meet the customers' needs. The IFIs will ensure that the transition process is seamless and will not be inconvenient to the customers. This exercise will be carried out progressively until 30 June 2015.

IFIs will be engaging their customers to provide information and clarification on the transition exercise. Customers may call the IFIs call centres and front line staff to address any queries.

The Association of Islamic Banking Institutions Malaysia (AIBIM) or Persatuan Institusi Perbankan Islam Malaysia was established in 1996 as the Association of Interest Free Banking Institutions Malaysia, with objectives of promoting the establishment of a sound Islamic banking systems and practices and also aims at promoting and representing the interests of its 26 member banks and to render where possible such advice or assistance as may be deemed necessary and expedient to members.

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