Islamic Banking ought to separate their products from the routine keeping money items, as these products are free from Riba besides the standards on which the unique Banking runs is influenced by Islamic Guidelines and Principles. Consequently, these items are to be took care of with a bit more mind than the results of routine keeping money items in light of the point that a touch of negative impression in the personalities of the customers may blowback.
Characteristics of Islamic Banking Products
Islamic Banking Products are designed particularly for Muslims. There must be some uniqueness so that the customers can feel that there is nothing illogical in their transactions. Nature of the Islamic Banking system should encourage the customers to keep their money in these banks rather than ordinary banks. Correspondingly, individuals intrigued to take advance might rather prefer Islamic loan instead of regular mortgages from the traditional banks.
Among Muslims, premium is known as "Riba" or usury or abnormal interest rate. Riba is totally prohibited in Islam that means there should not be any involvement of premium in installments or credits. The Islamic banking scheme perceives lending money in different way. Taking money from bank indicates a contract between the bank and the borrower. The borrower runs the business and the bank supervises. The profit is split between these 2 parties in a prefixed rate. This is how Islamic Banks avoid the idea of premium.
Since the beginning, several financial management concepts were developed by Islamic Banking systems. Mufawada is a form of partnership where all parties bear equal responsibility. Funds and labor are provided from both parties. Mudaraba is another type of association where client acts as fund provider and the bank provides labor and takes liability to operate the business. There is also "al-mal" capital concept. Many of these concepts are used by traditional banks nowadays.
Complying with Islamic perception
Numerous Muslims are hesitant to put in their money to any saving account because of the concept of Interest is forbidden in Islam and consequently this sort of saving money is imperative in catering the requirements of this paramount section of the business in both Islamic states and non-Islamic states. As this kind of saving money offers a lot more to all its clients, accordingly it has been picking up incidence in the Islamic area as well as in the non-Islamic locales also.
Advertisers might as well adventure the points of interest and differences of Islamic and Western form of Banking particularly in Islamic Nations. It is crucial how the item is moved as limited time exercises assist in making or changing the viewpoint of the individuals.
There are several ways to attract Muslims towards Islamic Banking Systems. Ideas of Islamic products should be delivered to them. This way they can feel more comfortable with this type of Banking than the conventional or western type.
Online banking
Web saving money alludes to managing an account functions did between banks and their clients over the internet. It is also usually known as web managing an account. Web managing an account assists in accelerating saving money operations, decreasing the expense and ensuring that you may use different keeping money benefits in your parlor or even while travelling many miles far from your home.
OCBC is one of the banks that offer Islamic compliant bank accounts and bank services. They also have amazing credit card promotion deals which will help you manage your account easily.
Characteristics of Islamic Banking Products
Islamic Banking Products are designed particularly for Muslims. There must be some uniqueness so that the customers can feel that there is nothing illogical in their transactions. Nature of the Islamic Banking system should encourage the customers to keep their money in these banks rather than ordinary banks. Correspondingly, individuals intrigued to take advance might rather prefer Islamic loan instead of regular mortgages from the traditional banks.
Among Muslims, premium is known as "Riba" or usury or abnormal interest rate. Riba is totally prohibited in Islam that means there should not be any involvement of premium in installments or credits. The Islamic banking scheme perceives lending money in different way. Taking money from bank indicates a contract between the bank and the borrower. The borrower runs the business and the bank supervises. The profit is split between these 2 parties in a prefixed rate. This is how Islamic Banks avoid the idea of premium.
Since the beginning, several financial management concepts were developed by Islamic Banking systems. Mufawada is a form of partnership where all parties bear equal responsibility. Funds and labor are provided from both parties. Mudaraba is another type of association where client acts as fund provider and the bank provides labor and takes liability to operate the business. There is also "al-mal" capital concept. Many of these concepts are used by traditional banks nowadays.
Complying with Islamic perception
Numerous Muslims are hesitant to put in their money to any saving account because of the concept of Interest is forbidden in Islam and consequently this sort of saving money is imperative in catering the requirements of this paramount section of the business in both Islamic states and non-Islamic states. As this kind of saving money offers a lot more to all its clients, accordingly it has been picking up incidence in the Islamic area as well as in the non-Islamic locales also.
Advertisers might as well adventure the points of interest and differences of Islamic and Western form of Banking particularly in Islamic Nations. It is crucial how the item is moved as limited time exercises assist in making or changing the viewpoint of the individuals.
There are several ways to attract Muslims towards Islamic Banking Systems. Ideas of Islamic products should be delivered to them. This way they can feel more comfortable with this type of Banking than the conventional or western type.
Online banking
Web saving money alludes to managing an account functions did between banks and their clients over the internet. It is also usually known as web managing an account. Web managing an account assists in accelerating saving money operations, decreasing the expense and ensuring that you may use different keeping money benefits in your parlor or even while travelling many miles far from your home.
OCBC is one of the banks that offer Islamic compliant bank accounts and bank services. They also have amazing credit card promotion deals which will help you manage your account easily.
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