what is islamic banking? what are the advantages of islamic banking. what are the products under this banking?
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Islamic banking refers to a system of banking or banking activity which is consistent with Islamic law (Sharia) principles and guided by Islamic economics. In particular, Islamic law prohibits the collection and payment of interest, also commonly called riba in Islamic discourse. Generally, Islamic law also prohibits trading in financial risk (which is seen as a form of gambling). In addition, Islamic law prohibits investing in businesses that are considered haram (such as businesses that sell alcohol or pork, or businesses that produce un-Islamic media). In the late 20th century, a number of Islamic banks were created, to cater to this particular banking market.\n\nThe first modern experiment with Islamic banking was undertaken in Egypt under cover, without projecting an Islamic image, for fear of being seen as a manifestation of Islamic fundamentalism which was anathema to the political regime. The pioneering effort, led by Ahmad El Najjar, took the form of a savings bank based on profit-sharing in the Egyptian town of Mit Ghamr in 1963. This experiment lasted until 1967 (Ready 1981), by which time there were nine such banks in the country.[1]\n\nIslamic banking has the same purpose as conventional banking except that it claims to operate in accordance with the rules of Shariah, known as Fiqh al-Muamalat (Islamic rules on transactions). The basic principle of Islamic banking is the sharing of profit and loss and the prohibition of riba´ (interest). Amongst the common Islamic concepts used in Islamic banking are profit sharing (Mudharabah), safekeeping (Wadiah), joint venture (Musharakah), cost plus (Murabahah) and leasing (Ijarah).\n\nIn an Islamic mortgage transaction, instead of loaning the buyer money to purchase the item, a bank might buy the item itself from the seller, and re-sell it to the buyer at a profit, while allowing the buyer to pay the bank in installments. However, the fact that it is profit cannot be made explicit and therefore there are no additional penalties for late payment. In order to protect itself against default, the bank asks for strict collateral. The goods or Land is registered to the name of the buyer from the start of the transaction. This arrangement is called Murabaha. Another approach is Ijara wa Iqtina, which is similar to real estate leasing. Islamic banks handle loans for vehicles in a similar way (selling the vehicle at a higher-than-market price to the debtor and then retaining ownership of the vehicle until the loan is paid).\n\nThere are several other approaches used in business deals. Islamic banks lend their money to companies by issuing floating rate interest loans. The floating rate of interest is pegged to the company's individual rate of return. Thus the bank's profit on the loan is equal to a certain percentage of the company's profits. Once the principal amount of the loan is repaid, the profit-sharing arrangement is concluded. This practice is called Musharaka. Further, Mudaraba is venture capital funding of an entrepreneur who provides labor while financing is provided by the bank, so that both profit and risk are shared. Such participatory arrangements between capital and labor reflect the Islamic view that the borrower must not bear all the risk/cost of a failure, as it is Allah who determines that failure, and intends that it fall on all those involved.\n\nLast, but not least, Islamic banking is restricted to Islamically acceptable deals, which exclude those involving alcohol, pork, gambling, etc. Thus ethical investing is the only acceptable form of investment, and moral purchasing is encouraged.\n\nIslamic banks have grown recently in the Muslim world but are a very small share of the global banking system. Micro-lending institutions such as Grameen Bank use conventional lending practices, and are popular in some Muslim nations, but are clearly not Islamic banking.\n\nIn theory, Islamic banking should be synonomous with full-reserve banking, with banks achi
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I doubt anyone here can give much more than a bank or two.\nUse your browser and type in all the banks, by name, that you can think of, or use your local Yellow pages. for names.  They may even have their web addresses listed.\nAt these sites you will see all their benefits and services offered.\nAs to atmosphere, you will have to visit banks and compare them yourself.
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Good credible source on Islam if you want:\n\nhttp://www.al-islam.org\nhttp://www.submission.org\n\nI am not trying to spam or something, just want people to be aware and not taking false information from other people.
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Dear. ISlam is the fastest growing religion in the world today. Its a true religion. more then 70% of quran has been proven scientifically correct and the rest is not proven yet. but not 1% is proven wrong.The best way is to study Islam. and if u need any resources please contact me on my email below. i'll try my best to find the topics u need. may God guide u to the right path.\nU must visit : \nhttp://www.irf.net/irf/comparativereligion/index.htm\nmy email is lion_mughal@yahoo.com
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The ruling system that emanates from Islam is neither theocratic nor republic. It's unique; Islam is not being implemented in it's totality anywhere in the world. The misconception is that countries such as Saudia Arabia and Iran can be considered Islamic states, however, that is not the case. Furthermore, the Islamic state permits it's citizens to practice other religions, in contrast, to what was just conveyed earlier by the other person. If your intention is to attain a better grasp of the ruling system under Islam then I recommend the book that I inputed under the heading "Source(s)" in the bottom. I hope I was to some avail in respect to your inquiry.
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You have not stated how small the bank is, thus I am not sure if you have any electronic banking.  Basically, if you can migrate your transactions from the counters to automatic machines or online services, that will surely be cost savings.  You may consider charging inactive accounts!
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that is a really tough question and you won't get a decent answer here, because it requires a lot of research and study to get all the truths.\n\nbasically, it's\n1. monotheistic\n2. requires belief in prophets, angels, judgment day, prayers, fasting, reading of the holy books, support of the poor and needy, pilgrimage to Mecca.\n3. it is a way of life as each and everything you do revolves around doing God's will for the betterment of fellow humans\n4.  it is a continuation of the Jewish and Christian religions as those who practice Islam must accept that Moses and Jesus were God's messengers too.\n\nThere's a lot more...better buy a book at the bookstore
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Read about the religion first! Convert if you want to. Meaning you agree to everything islam is about. Dont convert if you feel pressured. Do what you feel is right in your heart.
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nice question, i would tell you to email your question to \naskislam@aol.com\n\nthe person that will answer your question is a former christian preacher and now reverted to islam he will answer your question with refrences, u will get the maximam benefit
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Retail banking is typical mass-market banking where individual customers use local branches of larger commercial banks. Services offered include: savings and checking accounts, mortgages, personal loans, debit cards, credit cards, and so forth.\n\nThis is very different from wholesale banking-.
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why would you want it? to change religions? you aren't Muslim, why read about it? they say if you read it then you are Muslim. i can understand wanting to study it to know , to have basic knowledge, i do not however understand wanting to change as an adult. not meant as a put down. i WANT to UNDERSTAND WHY that's all. please contact me to make me understand. educate me , please.
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1. quicker access to money (near to house/business)\n2. comparatively quicker transaction time compared to bank counter\n3. Any time banking (ATM) for 24 X 7\n4. Remote connectivity (distant locations can be served without identification hassles, even beyond countries)\n5. Reduces cash theft related issues. \n6. Increases usage of Plastic money
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Investment banks do business in areas such as merger and acquisition, underwriting for IPOs, security sales and trading, equity research, etc. Basically they do banking for business, as opposed to regular banks which do business in savings and loans for average consumers.
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Of course you can, as long as you aren't into illegal activity, like laundering. Banks prefer you deposit the cash, they make money on it, you make money on it everybody is happy!
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http://www.altavista.com/web/results?itag=ody&q=advantages+of+opening+an+off-shore+bank+account&kgs=0&kls=1
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Glad to answer you, \nTo know about Islam please visit those sites:\nhttp://www.discoverislam.com/\nhttp://www.islamhouse.org/en/index.php\nhttp://www.islam-qa.com/\nhttp://www.todayislam.com/\nhttp://www.islamic-message.net\nhttp://thetruereligion.org/modules/news/\n\nWhat we eat ,we eat nearly every thing except few things you could know about them from here:\nhttp://en.wikipedia.org/wiki/Halaal\n\nWhat we believe in mainly we believe in God as the creator of every thing, Mohamed was the last prophet of god,And that the Qu'ran is our holy book and to know more about it: \nhttp://en.wikipedia.org/wiki/Islam#Beliefs\n\nFor what we wear,For men there' no problem with any thing, for women, we wear Hejab, and it's just a scarf which covers the hair, and any cloth which covers the whole body except face and hands and these clothe shouldn't describe the body, to know more about it:\nhttp://en.wikipedia.org/wiki/Hejab\nhttp://en.wikipedia.org/wiki/Women_in_Islam\nhttp://en.wikipedia.org/wiki/Islam_and_clothing\n\nWe celebrate with 2 main holidays " Eid El Fetr And Eid El Adha" To know about them and their meanings:\nhttp://en.wikipedia.org/wiki/Islamic_holidays\nhttp://en.wikipedia.org/wiki/Eid_ul-Fitr\nhttp://en.wikipedia.org/wiki/Eid_ul-Adha\nhttp://en.wikipedia.org/wiki/Ramadan\n\n Hope this could be useful to you, and please ask for any thing else if you want and add it as additional details.
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Among the above three beliefs, Only Islam is logic. No matter whatever standard you choose, Islam will qualify and pass every test.\n\nAlthough every Faith tells you about good things But Islam not only tells you to do good things but shows you how to achieve it practically. Islam is a practical Faith and especially suited for Human Being... If you still doubt, give it a try...