Learning from Malaysia's competitive Islamic CASAFA

Learning from Malaysia's competitive Islamic CASAFA

https://islamicmarkets.com/articles/learning-from-malaysia-s-competitive-islamic-casafa
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The changing landscape of Malaysian Islamic banking system beginning 2013 has offered an improved competitive advantage through the proliferation of new product lines that can help to build up public positive perception on the industry. This trend, however, might jack up a new paradox among laymen on the new concepts of Islamic deposit products in Malaysia.

This fallacy occurs when laymen claim that Islamic deposit products (i.e. current, saving and fixed accounts) are similar to their conventional peers. They base their arguments based on TWO (2) grounds.

The terminologies used are assumed to be identical, implying the modus operandi and underlying transaction for both Islamic and conventional deposit products are equal; andThe two products serve the same purposes nam...