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Islamic banking exceeded more than trillion dollars in trading


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Islamic banking exceeded more than trillion dollars in trading

Post by rocky on Thu 24 Aug 2017, 3:14 am

Islamic banking exceeded more than trillion dollars in trading


24/8/2017 12:00 am

Expanded into major global banks
Baghdad / Hussein Thugb
Islamic finance is a relatively new banking profile for many economies around the world. It is more than $ 1 trillion internationally and is booming in the world. It is based on the principle that Islam forbids investors to make money by lending it. Bank accounts where interest or interest is not paid to current account holders on their deposits or to savings account holders on their savings. The reason is that the money has no intrinsic value, it is just a tool for barter. To find out the details of more accurate morning went to ask the specialist financial shan Raed Dhlami.

What are the characteristics that characterize the Islamic accounts in the Islamic Bank? - In the beginning we have to know that the Islamic trading volume of more than one trillion dollars and looks forward to exceeding one trillion and a half billion dollars internationally, indicating in this type of banking accounts become current in accordance with Islamic law when not pay or collect interest on accounts payable or the city. Generally, Islamic accounts do not charge for day-to-day transactions as long as the account is not indebted and above the minimum balance. * Are there any other differences? Yes, unlike traditional accounts, current Islamic bank accounts can not be exposed, so customers should always make sure they have enough money to cover their monthly expenses. * How do Islamic banks win money?

The primary means of profit in Islamic banking is trade, so banks can trade in Shariah-compliant investments through funds deposited by customers and then share risk and profits with the customer.
In order to ensure that profits are shared appropriately, Islamic banks separate shareholders' capital from customer deposits in order to ensure proper profit sharing - a concept that is consistent with the principle of equity in
Islamic banking  .
Q: What about saving in
Islamic accounts  ?
These accounts operate on the same principle, namely, that money saved in the account can not earn any interest because it is legally forbidden. Instead, targeted profits are given to savers instead of interest, which is why profit rates are based on Shariah-compliant accounts Rather than interest rates  
Banks then use funds deposited to invest in commercial activities in order to obtain the above target profits. Such as savings accounts in conventional banks, customers can choose either a fixed profit target usually found in time deposit accounts or an easy-to-access savings account from which they can withdraw at any time. * Can anyone open a current account or a Sharia compliant savings account? Yes, and certainly, Islamic banking is available to everyone, whatever their faith. In fact, some non-Muslims prefer the principles and values ​​of Islamic banking over conventional banking. This is because banks can not use invested funds to do any business that would finance any activities that are considered taboo or harmful. The premise of Islamic banking is to meet the financial needs of society in an ethical and socially responsible manner.

* How do I find the best Islamic bank account?
The first step should be to compare all available Islamic accounts. The factors to be considered in the current accounts include the profit rate, whether the account offers any rewards, the currencies to which you can open an account and whether there are any hidden charges, There is a fee to transfer money or to withdraw money from an ATM from a bank that does not have an agreement with your bank  
For Islamic savings accounts, decide whether you want to access your money easily or you want to earn high profits on deposited cash by leaving them for a specified period of time. Other factors include the minimum balance required for the account and, of course, the profit rate.

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