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What is Islamic Banking?

IndianMoney.com Research Team | Posted On Saturday, February 21,2009, 07:56 PM

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What is Islamic Banking?

 

 

What is Islamic Banking?

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 ,

  • Dubai Islamic Bank

  • Faisal Islamic Bank of Sudan
  • Nasir Social Bank in Egypt
  • Bahrain Islamic Bank

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