Malaysia has two Islamic digital banks licensed by Bank Negara Malaysia: Boost Bank and AEON Bank. Both operate under the Islamic Financial Services Act 2013 (IFSA), both are PIDM-insured up to RM250,000, and both are app-only with no physical branches. On paper they look nearly identical. In practice, the right choice depends on which ecosystem you already live in.
Side-by-Side Comparison
| | Boost Bank | AEON Bank | |---|---|---| | Licence | Islamic (IFSA 2013) | Islamic (IFSA 2013) | | Regulator | Bank Negara Malaysia | Bank Negara Malaysia | | PIDM insured | Yes — up to RM250,000 | Yes — up to RM250,000 | | Shareholders | Axiata Digital + RHB Bank | AEON Financial Service + AEON Credit Service | | Ecosystem | Boost e-wallet, mobile payments | AEON retail (malls, supermarkets, AEON Big) | | Minimum balance | None | None | | Monthly fees | None | None | | Physical branches | None | None (AEON Mall kiosks available) | | App | Integrated within Boost app | Standalone AEON Bank app |
Both banks are structurally identical in regulatory terms. The differentiation is entirely in the ecosystem built on top of that shared foundation.
What Shariah-Compliant Actually Means
Conventional banks pay you interest on your deposit. Islamic banks pay you a share of profit generated from Shariah-permissible economic activity — typically structured as Mudarabah (profit-sharing) or Wakalah (agency) contracts. The bank cannot invest in alcohol, gambling, tobacco, or conventional interest-bearing instruments.
In practice, the experience feels similar — deposit money, earn a return, withdraw freely. The legal structure is different, and returns are expressed as a profit rate rather than an interest rate. Both banks maintain a Shariah Advisory Committee as required by their IFSA licence.
For depositors who require Shariah compliance — whether for personal conviction or estate planning reasons — Boost Bank and AEON Bank are the only two digital bank options. GXBank and Ryt Bank operate under the conventional Financial Services Act (FSA).
Profit Rates
Both banks offer savings accounts with competitive profit rates. Rather than printing specific numbers that may be outdated by the time you read this, here is the practical comparison framework.
What both banks share:
- Profit calculated daily, credited monthly
- Variable rates that can change at any time
- No minimum balance required to earn profit
- Rates positioned higher than traditional Islamic bank savings accounts (typically 0.25%–1.50% p.a.)
How to compare: Open both apps, check the current profit rate on the savings page, and compare directly. Rates shift — a bank offering a higher rate today may adjust downward next month. Neither has locked in a permanent advantage.
Neither bank offers fixed deposits yet. If you have a lump sum you can lock away, a traditional Islamic bank FD will likely offer a higher return. Check our FD rate comparison tool for current rates, and use our inflation calculator to see whether any savings rate actually beats inflation.
Ecosystem — The Real Differentiator
Rates and regulation are nearly identical. The ecosystem is where the two banks diverge.
Boost Bank — For E-Wallet Users
Built by Axiata Digital (Boost e-wallet, CelcomDigi) in partnership with RHB Bank, Malaysia's fourth-largest banking group.
- Seamless cash movement between Boost e-wallet and bank deposit within one app
- Access to Boost's merchant network — petrol stations, F&B, retail, online
- Boost rewards and cashback linked to banking activity
- DuitNow integration for instant transfers
Best for: Malaysians who already tap Boost at the petrol station, pay with Boost at restaurants, and top up regularly. Banking inside the same app removes friction.
Watch out: Boost e-wallet balance is not a bank deposit and is not PIDM-insured. Only money in your Boost Bank deposit account carries protection. Know where your savings sit.
AEON Bank — For AEON Retail Shoppers
Backed by AEON Financial Service and AEON Credit Service (M) Berhad — part of the Japanese retail conglomerate operating AEON Mall, AEON Big, and AEON supermarkets across Malaysia.
- Integration with AEON loyalty programmes across supermarkets, hypermarkets, and malls
- Cashback and rewards for AEON retail spending (specific tiers vary — check the app)
- QR payment at AEON retail outlets
- Potential future tie-ins with AEON Credit Service's consumer financing
Best for: Malaysians whose weekly grocery run is at AEON and whose weekends happen at AEON Mall. If you rarely step inside an AEON outlet, this advantage disappears.
App Experience
| | Boost Bank | AEON Bank | |---|---|---| | App structure | Banking inside the existing Boost app | Standalone AEON Bank app | | Onboarding | eKYC (MyKad + selfie), ~10–15 min | eKYC (MyKad + selfie), ~10–15 min | | Transfers | DuitNow, FPX | DuitNow, FPX | | Support | In-app only | In-app only |
Boost Bank's edge: no new app to download if you already use Boost. AEON Bank's edge: a focused banking app with no risk of confusing e-wallet float with bank deposits. Both handle the basics — transfers, transaction history, profit tracking — competently.
Cash Access
A shared weakness. Neither bank offers broad ATM access, cash deposit machines, or cheque services. AEON Bank has kiosks at AEON Mall outlets for some services, but these are not a substitute for ATM access.
If you need regular cash access, a traditional bank remains essential. Both digital banks work best as secondary savings accounts.
Who Each Bank Suits Best
Open Boost Bank if you already use the Boost e-wallet daily, want Shariah-compliant savings within a mobile payment ecosystem, and value the convenience of e-wallet and bank in one app. Read our full Boost Bank review for details.
Open AEON Bank if you shop regularly at AEON outlets, want Shariah-compliant savings linked to a retail loyalty ecosystem, and value AEON Credit Service's decades of Malaysian consumer finance experience. Read our full AEON Bank review for details.
Open both if you want to maximise PIDM coverage across two institutions (RM250,000 each = RM500,000 total), use both ecosystems, or want to compare real profit rates over time rather than committing now. Both are free to open and free to maintain. Two more digital accounts cost nothing and give you optionality.
What Neither Bank Offers (Yet)
Both banks are in the early stages of their product roadmaps. Neither currently offers fixed deposits, credit cards, personal financing, home loans, or business accounts. AEON Bank has a natural path to consumer financing through AEON Credit Service. Boost Bank has a natural path to merchant services through the Boost ecosystem. For now, both are savings-first propositions.
For a broader view of all five licensed digital banks, see our digital bank comparison guide.
The Verdict
Same licence. Same regulator. Same PIDM protection. Same fees (none). The comparison comes down to one question: which ecosystem do you already use?
If you live inside Boost for daily payments, Boost Bank is the natural extension. If you shop at AEON every week, AEON Bank turns that spending into a more integrated experience. If you use both ecosystems, open both — it costs nothing and doubles your deposit insurance coverage.
Neither bank replaces your primary banking relationship. Salary, loans, credit cards, and cash access still need a traditional bank. But as a dedicated Shariah-compliant savings account with competitive profit rates and zero fees, both Boost Bank and AEON Bank earn their place in a Malaysian's banking setup.
Related Guides and Tools
- Boost Bank Review 2026 — detailed standalone review
- AEON Bank Review 2026 — detailed standalone review
- Digital Banks Malaysia 2026 — all five licensed digital banks compared
- GXBank Savings Account Review — the conventional digital bank alternative
- PIDM Deposit Insurance Malaysia — how deposit protection works
- FD Rate Comparison Tool — compare current rates across banks
- Inflation Calculator — check whether your savings rate beats inflation
This comparison reflects information available as of April 2026. Profit rates, features, and terms may change — always verify current details directly with each bank. money.com.my may earn a commission if you open an account through our links. This does not affect our editorial assessment — we review products based on their merit, not their affiliate terms.
Every guide on money.com.my is fact-checked against primary sources (Bank Negara Malaysia, Department of Statistics Malaysia, KWSP/EPF, LHDN) before publication. If you find an error, email editorial@money.com.my — corrections are published with a dated amendment note.