Sharia is an umbrella term which stands for the principles and rules related to practical aspects of life which cover acts of worship, financial transactions, family law and laws of inheritance, rules of war and peace etc. whether they are mentioned explicitly in the Holy Quran and Sunnah or derived from other Sharia sources by […]
No, Islamic banking is for all. Anybody who fulfills business requirements of Islamic bank can avail Islamic banking services. However, Islamic bank does not enter into activities which are harmful for a society or any businesses which are not allowed by Islamic Sharia such as business of alcohol, pork, pornography and etc.
Following are the most commonly used modes of Islamic banking and finance: Mudaraba: It is a form of partnership where one party provides the funds while the other provides management services against a pre-agreed share in the profit of the investment. However, if there is any loss, it is borne solely by the capital provider. […]
If Islamic banks do not impose any penalties on late payment the customers shall not pay in time and thus the Islamic banks will not be able to run their business efficiently and give a good return to the investors. Therefore, the Islamic banks have decided to take from each client an irrevocable undertaking that […]
Yes, Islamic banks offer interest free credit card facility for which the client pays a monthly fee irrespective of the way he uses the card during the period. The fee is in lieu of some real services that a credit card holder becomes entitled to. The fee neither increases nor decreases on the basis of […]