Islamic banking institutions get 2-year transition

A TWO-YEAR transition period until June 30 next year has been accorded to Islamic banking institutions to facilitate reclassification into Islamic deposits and investment accounts under the Islamic Financial Services Act (IFSA) 2013.

This will allow them to engage with their customers to provide information and clarification on the differences between the two as well as the options available to either retain their placements in Islamic deposit or migrate to investment accounts.