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According to another source (Faleel Jamaldeen), Islamic “credit cards” are similar to debit cards, with each transaction being “directly debited” from the holder`s bank account. [221] According to Maryam Nasuha Binti Hasan Basri, et al., Islamic credit cards have played an important role in “the development and success of the Islamic banking system in Malaysia”. [218] Among the banks in that country that offer Islamic credit cards from 2012 are bank Islam Malaysia Berhad, CIMB Islamic Bank Berhad, HSBC Amanah Malaysia Berhad, Maybank Islamic Berhad, RHB Islamic Bank Berhad, Standard Chartered Berhad, Am Islamic Bank Berhad. [222] The world of Islamic finance refers to the methods of carrying out commercial, banking and financial transactions in accordance with shariah principles. If banks or financial institutions are not governed according to Sharia principles, they cannot be classified as Islamic banks and/or Islamic financial institutions. The Islamic nature of the banking system differs on many fronts from the conventional banking system. It sticks to certain aspects of social, moral and economic values, rooted in the principles of Sharia and religion itself. One of the main differences between conventional banks is that the conventional banking sector is not involved in trade and activities and that depositors benefit from a fixed interest rate, regardless of the bank`s profitability, thus isolating them from the bank`s actual performance. While the Islamic bank actively participates in trade and production, where profits are shared with depositors and the bank`s profits are higher, depositors` income is even higher. A Wakalah is a contract by which a person (the contracting entity or muwakkel)[170] appoints a representative (the agent or Wakil) to make transactions on his behalf, similar to a power of attorney. It is used when the client does not have the time, knowledge or expertise to complete the task itself. Wakalah is a non-binding contract for a fixed fee and the representative or contracting entity may at any time terminate this agency contract “by mutual agreement, unilateral termination, execution of the undertaking, destruction of the object and death or loss of legal strength of the contracting parties”. [171] The agent`s services may include sale and purchase, loan and borrowing, debt allocation, guarantee, donation, process and payment, and are involved in many Islamic products such as Musharakah, Mudarabah, Murabaha, Salam and Ijarah.

[172] Some of the main Islamic banking products offered to customers are: from the point of view of depositors, the “investment accounts” of Islamic banks – based on profit sharing and losses and asset-based financing – are “time deposits” of conventional banks. (For example, an Islamic bank, Al Rayan Bank in the United Kingdom, talks about fixed term deposits or savings accounts. [175] On these two Islamic and conventional accounts, the depositor undertakes to maintain the deposit with the bank for a fixed period. [176] For Islamic banks, performance is measured as an “expected profit rate” and not as an interest rate. [177] [178] To comply with the principles of Islamic law (Sharia) and guided by the Islamic economy, the contemporary movement of Islamic banking and finance prohibits a wide variety of activities: as far as Wadiah is concerned, there is a difference between the fact that these deposits remain unused with a reserve of 100 per cent or that they simply have to be guaranteed by the bank.

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