Shari'ah Based Deposits vs Interest Based Deposits
Standard deposit products versus Shari'ah-based deposit products
This section shows a comparison between features supported in standard deposit products, versus Shari'ah-based deposit.
Product types supported
| Product type | Standard deposit product | Shari'ah-based deposit product |
|---|---|---|
| Current account | Yes | Yes |
| Savings account | Yes | Yes |
| Fixed deposits | Yes | Yes |
| Savings plan | Yes | Yes |
Overdraft support
For more information, refer to Overdraft Products.
| Overdraft | Standard deposit product | Shari'ah-based deposit product |
|---|---|---|
| Allow overdraft | Yes | No |
| Allow technical overdrafts | Yes | Yes |
Calculation method
| Calculation method | Standard deposit product | Shari'ah-based deposit product |
|---|---|---|
| Interest/Profit rate | Yes | Yes |
| Profit sharing | No | Yes |
note
The interest rate section will be hidden from the Shari'ah-based Deposit Product with profit sharing functionality form. To understand the profit calculation methods for Shari'ah-based deposit products, refer to Profit Calculation and Distribution.