Question 1 Islamic deposits form the basis of financial strength for Islamic banks, employing them in accordance with the Shariah law. The banks use these deposits to finance operations and increase profit for the shareholders. In 2013, Islamic Financial Services Act 2013 (IFSA 2013) provides definition of Islamic deposit and Investment Account that reflect Shariah contracts specificities and support the effective application of the contracts in suitable Islamic financial businesses (a) Briefly explain the pre-IFSA structures of Current account and Saving account (CASA), term deposit and investment account (b) Discuss the implication of IFSA 2013 to the above deposit products. (c) What are the reasons for moving away from the previous concepts? (d) Describe the updated concepts and structures to the products.