4 thoughts on “Conventional to Islamic Savings Bank Account

  1. Salam,
    Thats a great write up ! Loved the way you compared the different banking ideals. Thanks for enlightening me 🙂 hope to read more in this space nadrah. Spread your word ! May Allah bless you for your effort insyaAllah 🙂
    r.

  2. Salaam,
    I was frantically looking for a quick fix after reading how horrible riba is in Islam and how ignorant I was all these while. Was reading up on Maybank Islamic Banking and happen to stumble upon your article and Alhamdullilah nice to know that it answered lots of question I had. For now, that is my Step 1. Step 2 would be the property/auto financing issue and CPF/HDB loans. This will be a big one to tackle. Insya Allah, may Allah ease our way to resolve this issues/constraint as we endeavor to rid riba out of our lives once and for all.

    • Salaam,
      I hope the post benefits you well and may He guide us all.

      Anyway, if you are looking for auto-financing, I believe Maybank is also offering the islamic version btw, although I have not really looked into it.

      Yes I agree that HDB loans will be a big one to tackle. However, given the circumstances that we are living in, we don’t really have much choice? Unless we want to rent. But regardless, insyaAllah we need to try our best.

      I guess insurance is something we need to look into too. What kind of insurance is permissible and what is not etc. I feel that this might be more necessary since this is considered a ‘necessity’ by today’s standards and we need to be careful to not buy to the extend that it is impermissible.

      Do share(comment/email) if you have found a thorough explanation/research paper on the above topics.

      Thanks. 😃

  3. Assalaamualaikum and Thanks Nadrah. Will be switching all my accounts this Sat. To your question why isnt everyone switching especially mosques or even all our zakat and donations that goes to the local mosques/MUIS, i can only summarize for now that we are still under the Singapore Government jurisdiction and there is a mandate to only use local banks for their funds. However I came across an article written by a muslim lecturer from LKY school that states CPF is cleaned from Riba and is endorsed by MUIS. Let me get that link and share with you soon. I also found this article or a study done which even challenges some of the practices of current Islamic Banking institutions which has questionable mechanisms in their operations. Not coming from banking background I would need more time digging about this.
    http://www.nzibo.com/IB2/truemodes.pdf

    I can only see this as a gradual endeavour at individual level and yeah, I hope to live the day to see Islamic banking / insurance will be the defacto standard or even better the only standard.

    Keep sharing if you find anything interesting relating to this.

    Wassalaam

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