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Problems faced by Islamic banks in Pakistan?
There are many problems to Islamic banking in Pakistan as compared to conventional banking system. There is no legal framework, lack of professionals, no central bank, to educate the people about Islamic banking to increase Islamic finance in the market,innovation and new technology and experience .fiqa problems educated scholars are required to compete conventional banking in Pakistan
If you have a chioce of a conventional bank or an Islamic bank?
In term of risk of investment, Islamic banking provide more security
Islamic banking and finance?
Islamic banking refers to a system of banking or banking activity that is consistent with the principles of Islamic law (Sharia) and its practical
Why do Muslims deposit in conventional banks?
Muslims may deposit in conventional banks for various practical reasons, including the need for secure storage of funds, access to financial services, and convenience. Some may not have access to Islamic banking options, while others might prioritize financial security over religious considerations. Additionally, many conventional banks offer features that can facilitate everyday transactions and financial planning. However, it's worth noting that some Muslims seek ways to align their banking practices with Islamic principles, such as using ethical or Islamic banking alternatives when available.
Is conventional banking same as commercial banking?
yes
What are the Main features of Islamic banking and insurance policy?
what are the main features of islamic banking and insurance poiicy ?
Is Islamic banking halal?
Yes. As per Islamic laws giving and receiving interest is considered Haram or Unlawful. So, Islamic banking practices were started to provide banking services to customers following the Islamic faith so that they can take up banking without offending their religious sentiments.
What is the difference between commercial bank and Islamic bank?
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.
What are the objectives and principles of islamiC banking system?
As per Islamic laws giving and receiving interest is considered Haram or Unlawful. So, Islamic banking practices were started to provide banking services to customers following the Islamic faith so that they can take up banking without offending their religious sentiments.
What is isalmic banking?
As per Islamic laws giving and receiving interest is considered Haram or Unlawful. So, Islamic banking practices were started to provide banking services to customers following the Islamic faith so that they can take up banking without offending their religious sentiments.
What is conventional banking system?
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Is Islamic banks works in Islamic way in reality?
One OpinionNo, They all work on the principle of Interest which is prohibited in Islam. They give different names to the interest they deal with and so deceive many innocent Muslims into believing that their dealing is without Interest. It is an ironic but true fact that not a single bank works in the true Islamic way.Another OpinionYes, They do work. In conventional banking system the interest is involved in all the transactions. i.e. The investor has no concern whether the business runs into profit or loss, he automatically gets an interest(Riba) in both outcomes at a fixed rate on his capital. whereas in Islamic bank the investor along with profit also bear the loss. There are many differences in Islamic and conventional banking. The Islamic banking is very wide and cover all types of financing & banking needs. well the above mention explanation is just one of the differences.The positive angle towards Islamic bank and its processes is the need of time and economic stability.
