Discuss reasons fixed deposit account

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Reference no: EM132920313

Adam learnt from his Islamic Banking class in the university that Muslims cannot deposit their money in a fixed deposit account in a conventional bank. He told his mother about this and asked his mother to deposit her money in other Islamic banking products.

Discuss TWO (2) reasons fixed deposit account is prohibited and suggest TWO (2) alternatives of the account as applied in Islamic bank.

Reference no: EM132920313

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