Baghdad / Shukran al - Fatlawi
Islamic banks have become a relatively new hinge for many economies around the world. All bank accounts, where interest or interest is not paid to current account holders on their deposits or savings account holders for their savings. The reason for this is that money has no implicit value, it is just a tool
Raed Al-Zalmi spoke about the characteristics that characterize Islamic accounts, saying that "current accounts become compliant with Islamic law when they are not paid or collected interest on accounts payable or receivable in general. And above the minimum balance. "
"Unlike conventional accounts, current Islamic bank accounts cannot be exposed, so customers should always make sure they have enough money to cover their monthly expenses."
He pointed out that "the primary profit method in Islamic banks is focused on trade, so banks can trade in investments compliant with the Islamic Sharia through funds deposited by customers, and then share the risks and profits with the client in order to ensure that the profits are appropriately shared, separating banks Islamic Bank between shareholders' capital and customer deposits in order to ensure that profits are properly shared, a
Regarding savings in Islamic accounts, he said: "These accounts operate on the same principle, that the money saved in the account can not reap any interest because that is forbidden by law, instead, the target profits are provided to savers instead of interest, and that is why Profit rates are based on Shariah compliant accounts rather than rates
“Banks then use the funds deposited to invest in commercial activities in order to obtain the above target profits. Like conventional savings accounts, customers can choose either a fixed profit target that is usually found in a time deposit account or an accessible savings account that they can access. Drag it in any
“Anyone can open a current account or a Shariah-compliant savings account. Islamic banking is open to all, whatever their religious faith. In fact, some non-Muslims prefer the principles and values of Islamic banking over conventional banking. Banks cannot use the invested funds to do any business that would finance any activities that are considered prohibited or harmful.
"Finding the best Islamic bank account should be the first step to compare all available Islamic accounts," he said. If there are any hidden fees, there may be fees to transfer money or to withdraw money from an ATM from a bank that does not have an agreement with your bank. "