iBank is considered a state-owned bank because the Ministry of Finance is its major shareholder, holding 99.59% of the bank's total shares. All state-owned banks are not covered under the Deposit Protection Law, as deposit protection depends on the policies and regulations set by the government.
In the case of a minor under the age of 15, the guardian can open the account on behalf of the minor, using the guardian's name 'for (child's name),' with the rights to the account belonging to the guardian.
Interest is the return from lending, while profit is the return derived from trade or investment that involves goods as intermediaries.
The bank was established to provide Muslims with financial services that do not contradict to Islamic principles (Shariah). It is open to people of all races and religions, under conditions and transaction methods comply with Islamic law (Shariah).
The difference lies in the format of the contracts. The bank provides finances through the sale of goods on an installment basis, using a contract for the sale of assets at cost plus profit for the customers to pay in installments. In contrast, commercial banks use loan agreements for customers to repay with interest.
