Both the conventional investment note and the Islamic investment note are defined in the Capital Markets & Services Act 2007, which has been extracted below:

A conventional investment note means any contract, agreement, note or other document evidencing a monetary loan, executed or offered, on or through an electronic platform, where an investor expects a financial return, but does not include:

• any right, option or interest in respect of such contract, agreement, note or other document;
• a cheque, banker’s draft or any other bill of exchange or a letter of credit;
• a banknote, guarantee or an insurance policy; or
• a statement, passbook or other document showing any balance in a current, deposit or savings account.

An Islamic investment note means any contract, agreement, note or other document evidencing undivided ownership or investment in any assets in compliance with Shariah principles endorsed by Shariah Advisory Council of the Securities Commission Malaysia, and is executed or offered, on or through an electronic platform, where an investor expects a financial return, but does not include:

• any right, option or interest in respect of such contract, agreement, note or other document;
• a cheque, banker’s draft or any other bill of exchange or a letter of credit;
• a banknote, guarantee or a takaful policy; or
• a statement, passbook or other document showing any balance in a current, deposit or savings account.