The different features between Bank Islam Malaysia Berhad with interest-free banking scheme from other financial institutions / Roslina Musliman

Islamic banking became a reality in Malaysia in March 1983, with the inception of Bank Islam Malaysia Bhd. (BIMB). Because of its success, many conventional banks are interested to implement IBS product at their counters. The first launched was on March 1993 with the participation of the 3 largest commercial banks namely May bank, UMBC and BBMB. The main objective is to determine whether there is a different features of interest-free banking scheme used by BIMB with the interest-free banking scheme used by other financial institutions. It will focus on the retail banking, product which is on deposits and financing site. Introduction of the IBS has raised several questions about the legitimacy and security of such banking operations. The wrong perception and misunderstand of customers regarding the operations of IBS would base a major challenge to the wide acceptance of the product offered.