Islamic Banking systems are different from other common banking systems in manners that their products are free from 'Riba' consistent with Islamic concepts and regulations. These banking systems operate uniquely keeping the preferences of clients in mind. Because of this, the money items need to be handled with extra care considering the fact that the customers do not get hurt from spiritual viewpoint.
Islamic Banking Items
Islamic Banking Products need to be pushed in a completely distinctive way. New portions requirements to be made for all the Islamic Banks working as there would be more individuals who might prefer to keep their cash in an Islamic Bank rather than in an accepted bank. Correspondingly, individuals interested to take advance could rather prefer Islamic loan instead of ordinary mortgages from the conventional banks.
Among Muslims, premium is termed as "Riba" or usury or abnormal interest rate. Riba is totally prohibited in Islam that implies there should not be any contribution of premium in installments or credits. The Islamic banking system considers lending money in different manner. Taking money from bank implies an agreement 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. In this way Islamic Banks avoid the idea of premium.
A few financing movement thoughts were made throughout the unplanned phases of Islamic Banking; these incorporate diverse manifestations of organizations "mufawada" that is the first kind of association, "mudaraba" limited manifestation of company and "al-mal" capital concepts. Many these money related thoughts that were created in the Islamic managing an account phases are still in practice in popular non-Islamic banks.
Complying with Islamic belief
A lot of Muslims are reluctant to put in their money to any saving account because of the concept of Interest is denied in Islam and accordingly this kind of saving money is essential in catering the needs of this paramount section of the business in both Islamic nations and non-Islamic countries. As this type of saving money offers a lot more to all its consumers, accordingly it has been picking up prevalence in the Islamic area as well as in the non-Islamic locales also.
Islamic Banks should promote their products so that common folks can differentiate Islamic form non-Islamic products. Many Muslims are still using traditional banking systems. So appropriate advertising may assist to change their minds.
These items needs to be advertised in such a way, to the point that Muslims utilizing the Western style of banking items might as well movement towards the Islamic Products. There may be number of methods for the advancement of these items.
Online banking
Almost every bank is now allowing customers to manage their accounts online. It is also termed as web managing an account. This widely used option allows the customer to make transactions at the comfort of home. It is very secure, fast and affordable method of banking. In emergency cases you can take advantage of your bank account from a long-distance away.
OCBC is one of the banks which offer Islamic compliant bank accounts and bank services. They also have great credit card promotion deals that will help you manage your account conveniently.
Islamic Banking Items
Islamic Banking Products need to be pushed in a completely distinctive way. New portions requirements to be made for all the Islamic Banks working as there would be more individuals who might prefer to keep their cash in an Islamic Bank rather than in an accepted bank. Correspondingly, individuals interested to take advance could rather prefer Islamic loan instead of ordinary mortgages from the conventional banks.
Among Muslims, premium is termed as "Riba" or usury or abnormal interest rate. Riba is totally prohibited in Islam that implies there should not be any contribution of premium in installments or credits. The Islamic banking system considers lending money in different manner. Taking money from bank implies an agreement 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. In this way Islamic Banks avoid the idea of premium.
A few financing movement thoughts were made throughout the unplanned phases of Islamic Banking; these incorporate diverse manifestations of organizations "mufawada" that is the first kind of association, "mudaraba" limited manifestation of company and "al-mal" capital concepts. Many these money related thoughts that were created in the Islamic managing an account phases are still in practice in popular non-Islamic banks.
Complying with Islamic belief
A lot of Muslims are reluctant to put in their money to any saving account because of the concept of Interest is denied in Islam and accordingly this kind of saving money is essential in catering the needs of this paramount section of the business in both Islamic nations and non-Islamic countries. As this type of saving money offers a lot more to all its consumers, accordingly it has been picking up prevalence in the Islamic area as well as in the non-Islamic locales also.
Islamic Banks should promote their products so that common folks can differentiate Islamic form non-Islamic products. Many Muslims are still using traditional banking systems. So appropriate advertising may assist to change their minds.
These items needs to be advertised in such a way, to the point that Muslims utilizing the Western style of banking items might as well movement towards the Islamic Products. There may be number of methods for the advancement of these items.
Online banking
Almost every bank is now allowing customers to manage their accounts online. It is also termed as web managing an account. This widely used option allows the customer to make transactions at the comfort of home. It is very secure, fast and affordable method of banking. In emergency cases you can take advantage of your bank account from a long-distance away.
OCBC is one of the banks which offer Islamic compliant bank accounts and bank services. They also have great credit card promotion deals that will help you manage your account conveniently.
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