banking with the principles of islam

What is Islamic banking?

Islamic banking is a banking system that is based on the principles of Islamic law (which governs all aspects of Muslim life) and guided by Islamic economics.

Two fundamental principles of Islamic banking are the sharing of profit and loss, and the prohibition of the collection and payment of interest by lenders, investors, or depositors.

islamic banking

Differences between Conventional and Islamic Banking?

Islamic banking is a finance system that complies with Shariah (Islamic Law). Shariah is a code of conduct that guides all aspects of a Muslims’ life.

Islamic banks are guided by principles such as risk sharing, which involves profit and loss sharing.

Shariah prohibits certain elements that are common in conventional finance including interest and speculation.  

What are the basic principles of Islamic banking?

There are at least six basic principles that are taken into consideration while executing any Islamic banking transaction.

These principles differentiate a financial transaction from a Riba (interest-based) transaction to an Islamic banking transaction.

Bank Accounts

A transactional account that allows you to set up debit orders, deposit cash, make ATM withdrawals, have online banking access, payments, and more. 

Savings Accounts

Allows you to save and grow your cash funds by benefiting from the profit share of an Islamic bank or Islamic window. 

Property Finance

Interest-free mortgage bonds where the Islamic bank owns the home and sells it back to you for a higher fixed price each month.

Vehicle and Asset Finance

Interest-free car purchase at an agreed price. At the last payment, the ownership is transferred to you. 

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Banking and lending can be hard to understand.

Having to include Shariah compliance adds an extra layer of complexity.

Islamic banking and finance are readily available and can meet almost all your needs. 

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