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IslamicFinancialServicesAct2013(IFSA)|BankIslamMalaysiaBerhad
Friday,25March2016,16Jamadilakhir1437H
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IslamicFinancialServicesAct2013(IFSA)
IslamicFinancialServicesAct2013(IFSA)
TransitionofDepositsfromtheRepealedIslamicBankingAct,1983(IBA)
totheIslamicFinancialServicesAct2013(IFSA)
(/en/Documents/NoticeIFSA2013en.pdf)
FrequentlyAskedQuestions
1.Whyisthereaneedto
reclassifytheIslamicdeposits?
Undertherepealed
IslamicBankingAct1983(IBA),allmoniesacceptedfromcustomersare
classifiedasIslamicdeposits,whichcomprisebothdepositand
investmentproducts.
TheIFSAprovidesgreater
legalclarityonapplicationofthevarioustypesofShariahfinancial
contracts,andensureendtoendcomplianceinfullcycleofIslamic
bankingoperationse.g.investmentaccount.
Frommarketconduct
standpoint,thecustomersareabletoclearlydifferentiatebetween
productswhichareprincipalguaranteedwiththosewhicharenot.
2.Howarethedepositsbeing
classified?
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Islamicbankscanoffer
bothproductswithprincipalguaranteedornonprincipalguaranteed
feature.
However,Islamicbanks
arerequiredtoclassifysuchproductsaseitherIslamicdepositwhich
useShariahcontractswithprincipalguaranteedfeatureorinvestment
accountwhichuseShariahcontractswithnonprincipalguaranteed
feature.
IslamicDeposit(principalguaranteedShariahcontracts)
InvestmentAccount(nonprincipalguaranteedShariahcontracts)
Wadiah(custodian)
Mudarabah(profit
sharing)
Qard(loan)
Wakalah(agency)
Tawarruq(sale)
3.Whatistheimpactto
consumers?
CustomerswhoseIslamic
depositaccountarestructuredbasedonShariahcontractwith
nonprincipalguaranteedfeaturewillbedulyinformedofthe
alternativeproductsandprovidedwithsufficientinformation/
transparencytomakeaninformeddecision.
Customerswouldhavea
choicetoeithermaintaintheirfundswithIslamicdepositorchangeto
investmentaccountproductdependingonthecustomersriskappetite.
Customerswillbe
accordedsufficienttimetoinformtheIslamicbanksoftheirdecision.
DuringthisprocesstheIslamicbankswillensurethattherightsofthe
customersareprotected.
4.Whenwillthistakeeffect
andhowlongisthetransitionperiod?
Tofacilitatesmooth
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Tofacilitatesmooth
implementationofthereclassificationprocessandensurerelevant
stakeholdersinterestareprotected,BankNegaraMalaysiahasformulated
atransitionplantoallowIslamicbankstocompletetheprocessby30
June2015(twoyearperiodfromtheenactmentofIFSA).
5.Wouldmydepositbeprotected
byPerbadananInsuransAmMalaysia(PIDM)?
Duringthistransition
period,alltheIslamicdepositsundertherepealedIBAwillremain
statusquoandcontinuetobeeligibleforPIDMprotectionuntilthe
completionofthetransitionplanbytherespectiveIslamicbanks.After
thetransition,IslamicdepositsundertheIFSAwillremaineligiblefor
PIDMprotection.
6.Willthereturnsandbenefits
remainaftertheconversion?
Islamicbankswillbe
engagingtheircustomersinprovidinginformationandclarificationon
thetransitionaswellasthedepositsandinvestmentproducts
available.
Islamicbankswillalso
providealternativesoroptionstocustomertomeettheirriskappetite
andreturns.
7.Willtheprincipalbe
guaranteedaftertheconversion?
OnlyforIslamicdeposit
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OnlyforIslamicdeposit
productswhichuseShariahcontractswithprincipalguaranteedasper
undertheIFSA.
8.Willtherebeadditional
chargesorcostincurredtotheconsumers?
Nochargeswillbe
imposedtocustomersforthetransitionormigration.
9.Willconsumerbenotified
duringthetransitionperiod?
TheIslamicbanking
institutionswillengagewiththeircustomersinprovidinginformation
andclarificationonthedifferencesbetweentheIslamicdepositand
investmentaccountproductsaswellastheoptionsavailabletothemto
eitherretaintheirplacementsinIslamicdepositormigrateto
investmentaccounts.
TheIslamicbanking
institutionswillallowsufficienttimeforthecustomerstoinformthem
oftheirdecision.
10.Whatarethechannelsof
contactforqueriesandinformation?
Islamicbanking
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institutionswillbemakingavailablehotlines,callcentresandthe
frontlinestaffoftheirheadquartersandbranchestoattendtofurther
queriesbytheircustomers.
Membersofthepubliccan
alsocontacttheAssociationofIslamicBanksinMalaysia(AIBIM)at
0320268002/8003andBankNegaraMalaysiaatBNMLINKattel:
1300885465.
Source:BankNegaraMalaysia,17March
2014
(http://www.malaysia.gov.my/)(http://www.mifc.com/)(http://www.smeinfo.com.my/)
(http://www.pidm.gov.my/)(http://www.akpk.org.my/)(http://www.fmb.org.my/)
(http://www.duitsaku.com/)(http://www.bankinginfo.com/)
(http://www.bnm.gov.my/)(http://www.mepsatm.com.my)
Quicklinks
(http://www.bankislam.com.my/home/assets/uploads/NoticePIDMROIDen151215.pdf)
(http://www.bankislam.com.my/Documents/bewareofphishingscams.pdf)
English(http://www.bankislam.com.my/home/islamicfinancialservicesact2013ifsa/)
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