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difference between interest and interest free financing

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โˆ™ 2013-05-21 05:10:11
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Q: What are the difference between interest free and conventional banking system?
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What is the difference between interest only financing and conventional financing?

The difference between interest only financing and conventional financing is that you are able to make money without any investment on an interest only account only by depositing a maximum amount in an account which you leave for a set period of time where interest will accumulate. Conventional banking is used for more day to day banking purposes.

What is significance of comparison between the Islamic banking and conventional banking?

Islam forbids the charging and paying of interest, so many Islamic banks use some sort of fudge to get around 'interest'.

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There are two major difference between Islamic Banking and Conventional Banking: 1. Conventional banking practices are concerned with "elimination of risk" where as Islamic banks "bear the risk" when involve in any transaction. 2. When Conventional banks involve in transaction with consumer they do not take the liability only get the benefit from consumer in form of interest whereas Islamic banks bear all the liability when involve in transaction with consumer. Getting out any benefit without bearing its liability is declared Haram in Islam.

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The basic principle of Islamic banking is the prohibition of Riba- (Usury - or interest)

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