Islamic Banks stick to the concepts of Islamic law. Islamic banking revolves around well established concepts which are based on Islamic laws. Since the concept of Interest is prohibited in Islam, all banking activities should avoid interest. Instead of interest, the Bank earns profit and fees on financing facilities that it extends to the customers. Its deposit makers earn a share of the Bank’s profit as opposed to a predetermined interest. Examples of such banks are ,
The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.