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(For example, one Islamic bank—Al Rayan Bank in the UK—talks about "Fixed Term" deposits or savings accounts). [167] In both these Islamic and conventional accounts the depositor agrees to hold the deposit at the bank for a fixed amount of time. [168] In Islamic banking return is measured as "expected profit rate" rather than interest. [169 ...
From the point of view of depositors, "Investment accounts" of Islamic banks – based on profit and loss sharing and asset-backed finance – play a similar role to the "time deposits" of conventional banks. (For example, one Islamic bank – Al Rayan Bank in the United Kingdom – talks about "Fixed Term" deposits or savings accounts). [352]
Islamic products have to be approved by banking regulators who deal with the conventional financial world and so must be identical in function to conventional financial products. [ 70 ] But banks in countries whose governments favor Islamic banking over conventional – i.e. Malaysia, Pakistan, Sudan, Iran – show no more inclination towards ...
The industry has been praised for turning a "theory" into an industry that has grown to about $2 trillion in size; [6] [7] [8] for attracting banking users whose religious objections have kept them away from conventional banking services, [9] drawing non-Muslim bankers into the field, [2] and (according to other supporters) introducing a more stable, less risky form of finance.
The fundamental difference between Islamic and traditional banking systems is that in an Islamic system deposits are regarded as shares, hence their nominal value is not guaranteed. [2] There were many government-sponsored Islamic initiatives in Sudan, resisted by the predominantly Christian South. [2]
2.3 Wholesale Conventional Banks. 2.4 Retail Islamic Banks. 2.5 Wholesale Islamic Banks. 3 Comoros. ... Al Qurtas Islamic Bank for Investment and Finance (QIB)
Nejatullah Siddiqi warned the Islamic banking community that the alleged difference between modes of finance based on murabahah, bay' salam and conventional loans was even less than it appeared: Some of these modes of finance are said to contain some elements of risk, but all these risks are insurable and are actually insured against.
Qardh al-hasan supports the main principle of brotherhood. Also there are benefits such as the aid of the poor, establishing a strengthened relationship between poor and rich, the just distribution of national income between all citizens, removing caste differences and unemployment, and being an act with great reward at resurrection day. [12]