Conventional banks treat money as commodity, so they rent money for interest and sell money on interest. Islamic banks deem currency/money as a 'mode of exchange', thus Islamic banks do not sell/ rent money for profit. However, they may rent a fixed asset or sell a Shariah- Compliant asset to customer for a profit.
Conventional banks are in the business of lending & borrowing money based on interest. Islamic Banks are not money lending institutes but they work as a trading ... |
Islamic banks invest customer's deposits in Shariah-compliant avenues and share the profits with customers as per profit sharing ratios agreed on monthly basis. |
Differences between Islamic Banking and Conventional Banking Offerings ... In addition to this, conventional bank invests the deposits in non-shariah. |
Differences between Islamic Banking and Conventional Banking Products · 1. No risk of underlying assets · 2. Revenue through Interest · 3. Late Payment charges ... |
Islamic Banking vs. Conventional Banking. The main difference between conventional and Islamic banking is that the latter follows Shari'a law. |
21 мая 2024 г. · Although Islamic Banking has many products similar to those offered by Conventional Banking, the two entities differ conceptually. |
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