Islamic Banking should separate their products from the ordinary keeping money items, as these products are free from Riba besides the standards on which the exclusive Banking operates is dependent upon Islamic Teachings and Principles. Accordingly, these items are to be took care of with a little more mind than the results of regular keeping money items in light of the fact that a touch of false impression in the personalities of the customers may blowback.
Islamic Banking Items
Islamic Banking Products are developed especially for Muslims. There should be some uniqueness so that the customers can think that there is nothing illogical in their transactions. Features of the Islamic Banking system should encourage the customers to keep their cash in these banks instead of ordinary banks. Correspondingly, individuals intrigued to take advance could rather strive for Islamic loans rather than ordinary mortgages from the conventional banks.
Among Muslims, premium is known as "Riba" or usury or excessive interest rate. Riba is completely forbidden in Islam that indicates there must not be any involvement of premium in installments or credits. The Islamic banking system perceives lending money in different way. Taking money from bank implies an agreement between the bank and the borrower. The borrower runs the business and the bank oversees. The revenue is divided between these 2 parties in a prefixed rate. In this way Islamic Banks avoid the idea of premium.
Since the beginning, many financial management concepts were developed by Islamic Banking systems. Mufawada is a kind of partnership where all parties carry equal responsibility. Money and labor are offered from both parties. Mudaraba is another type of association where customer acts as fund investor and the bank provides labor and takes liability to operate the business. There is also "al-mal" capital concept. Several of these ideas are used by traditional banks nowadays.
Complying with Islamic belief
Numerous Muslims are reluctant to put in their money to any saving account because of the notion of Interest is forbidden in Islam and consequently this type of saving money is imperative in catering the requirements of this paramount section of the business in both Islamic states and non-Islamic countries. As this style of saving money offers a ton more to all its clients, accordingly it has been picking up demand 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 ordinary banking systems. So proper advertising may assist to change their minds.
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 form of Banking than the traditional or western type.
Online Banking
Nearly every bank is now allowing customers to manage their accounts on the web. It is also known as web managing an account. This widely used option allows the user to make transactions at the comfort of home. It is highly secure, fast and affordable way of banking. In emergency situations you may 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 amazing credit card promotion deals which will help you manage your account efficiently.
Islamic Banking Items
Islamic Banking Products are developed especially for Muslims. There should be some uniqueness so that the customers can think that there is nothing illogical in their transactions. Features of the Islamic Banking system should encourage the customers to keep their cash in these banks instead of ordinary banks. Correspondingly, individuals intrigued to take advance could rather strive for Islamic loans rather than ordinary mortgages from the conventional banks.
Among Muslims, premium is known as "Riba" or usury or excessive interest rate. Riba is completely forbidden in Islam that indicates there must not be any involvement of premium in installments or credits. The Islamic banking system perceives lending money in different way. Taking money from bank implies an agreement between the bank and the borrower. The borrower runs the business and the bank oversees. The revenue is divided between these 2 parties in a prefixed rate. In this way Islamic Banks avoid the idea of premium.
Since the beginning, many financial management concepts were developed by Islamic Banking systems. Mufawada is a kind of partnership where all parties carry equal responsibility. Money and labor are offered from both parties. Mudaraba is another type of association where customer acts as fund investor and the bank provides labor and takes liability to operate the business. There is also "al-mal" capital concept. Several of these ideas are used by traditional banks nowadays.
Complying with Islamic belief
Numerous Muslims are reluctant to put in their money to any saving account because of the notion of Interest is forbidden in Islam and consequently this type of saving money is imperative in catering the requirements of this paramount section of the business in both Islamic states and non-Islamic countries. As this style of saving money offers a ton more to all its clients, accordingly it has been picking up demand 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 ordinary banking systems. So proper advertising may assist to change their minds.
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 form of Banking than the traditional or western type.
Online Banking
Nearly every bank is now allowing customers to manage their accounts on the web. It is also known as web managing an account. This widely used option allows the user to make transactions at the comfort of home. It is highly secure, fast and affordable way of banking. In emergency situations you may 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 amazing credit card promotion deals which will help you manage your account efficiently.
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