Advantages Of Islamic Banking
1.0 Introduction
The Islamic banking system currently has developed very well in line with conventional banking since it has been long established in Malaysia. Islamic Banking institutions now has been adopted by customers from all races and religion as a place to save and invest their money. Therefore, various products and services have been developed in the Islamic banking industry to meet customer demand while emphasizing the values of Islam in the business.
In Malaysia, there are many licensed banking institutions, comprising 27 banks Trade and 16 Islamic banks. Because there are many banks, indirectly, there is also competition between the banks to attract as many benefits from the customer. Various initiatives undertaken by the bank to attract customers to subscribe their product or service provided.
National Savings Bank (BSN) offering products that gives chances to customers to get benefit from their savings. BSN has introduced Sijil Simpanan Premium (SSP). When participating in these products, customers can obtain rewards made by the bank. Depositors could be lucky to earn rewards through lucky draw conducted by the bank while other depositors will not suffer losses. The drawing is done once a month at the discretion of the bank. This report discusses the appropriate use of contracts in offering products reward-based storage to customers. In addition, the issue of law lucky draw conducted by the banks also debated whether it belongs in the gambling and al-qimar.
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