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Introduction to Islamic Banking


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Islamic banking is nothing but the banking that activities are completely based upon the principles of Islamic law, which is called Sharee’ah in Arabic. Well, today in the 21st century Islamic banking industries are growing in banking sector and have been widely following for the purpose of Islamic economics. Well, Islamic bank although supports all kind of banking solution such as retail, corporate and commercial banking, business banking, private banking, real estate finance, structured finance, investments and asset management etc but in one approach it is completely different from other banking sector, which is detachment of interest.

Well, every Islamic bank forbids the involvement of interest and it is strictly prohibited and is considered as Haraam (forbidden). Well, many banks in Muslim and non-Muslim countries follow Islamic banking, and these days the rise of such banking gaining popularity and supporting many Muslims meet their banking needs.

Well, all Islamic Banks are Riba-Free, means interest free, not its any sorts of banking service involves interests, neither in payments nor on loans. The prime objective of this type of banking throws a well pleasing service, which is not only supporting them stick to their beliefs but also helping them to fulfill their banking needs.

As said, Islamic bank does not allow interests but rather for particular banking solutions, it charged a mere amount from the person who is experiencing the banking service, which rather is not something that applied to any interest of any Islamic Banking Product.

Many Muslims are today keen to invest their money in Islamic banks to take advantage of such banking service, after all the concept of Interest is prohibited in Islam which is driving attentions of many toward such type of baking. Well, no doubt, Islamic banking is growing day by day and fetching more attentions of people toward this banking solution. Therefore, if you are one of those looking for such a type of banking needs then you can take advantage of this by using Islamic banking service.

For those who not know – Although the word ‘Islamic’ refers to beliefs specifically related to Muslims, but literally it is a different case altogether with Islamic banking and finance. Well, based on moral and social values, it is completely compatible with the modern day financing needs; hence, it can be used by any individuals certainly.

So if you are looking for such a banking solution in Qatar, then visit Barwa Bank to have Islamic banking service to meet your banking requirement.

 

Author Info:

John Leo is a banking advisor cum writer. His articles inspire people for islamic banking from islamic bank like Barwa Bank in Qatar.

 

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  • Posted On July 7, 2012
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