Islamic Banking ought to separate their products from the routine keeping money items, as these items are free from Riba in addition to the standards on which the exclusive Banking runs is influenced by Islamic Teachings and Principles. Consequently, these items are to be took care of with a little more mind than the results of routine keeping money items in light of the fact that a touch of false impression in the personalities of the clients can blowback.

Features of Islamic Banking Products

Islamic Banking Products are designed particularly for Muslims. There should be some uniqueness so that the customers can feel that there is nothing irrational in their transactions. Features of the Islamic Banking system should encourage the customers to keep their cash in these banks rather than traditional banks. Correspondingly, consumers interested to take advance could rather prefer Islamic loan instead of standard mortgages from the traditional banks.

Among Muslims, premium is often called „Riba“ or usury or excessive interest rate. Riba is totally illegal in Islam that means there should not be any contribution of premium in installments or credits. The Islamic banking scheme considers lending money in different manner. Taking money from bank signifies a contract between the bank and the customer. The borrower runs the business and the bank oversees. The revenue is divided between these 2 parties in a prefixed rate. This is how Islamic Banks avoid the term premium.

Since the beginning, a number of financial management concepts were developed by Islamic Banking systems. Mufawada is a form of partnership where all parties bear equal responsibility. Funds and labor are provided from both parties. Mudaraba is another type of association where client acts as fund investor and the bank provides labor and takes responsibility to run the business. There is also „al-mal“ capital concept. Many of these ideas are used by traditional banks nowadays.

Complying with Islamic perception

A lot of Muslims are reluctant to put in their money to any saving account due to the idea of Interest is forbidden in Islam and consequently this kind of saving money is crucial in catering the needs of this vital section of the business in both Islamic countries and non-Islamic countries. As this style of saving money offers a ton more to all its customers, accordingly it has been picking up incidence in the Islamic area and in the non-Islamic locales also.

Advertisers might also adventure the points of interest and contrasts of Islamic and Western style of Banking especially in Islamic Countries. It is vital how the item is moved as limited time exercises assist in making or changing the viewpoint of the people.

These items needs to be advertised in such a route, to the point that Muslims utilizing the Western style of banking items might also movement towards the Islamic Products. There may be number of processes for the advancement of these items.

Internet banking

Nearly every bank is now allowing customers to manage their accounts online. It is also termed as web managing an account. This widely used option allows the customer to make transactions at the comfort of home. It is highly secure, fast and affordable method of banking. In emergency situations you can take advantage of your bank account from a long distance away.

OCBC is one top rated Islamic Bank in this area. You can trust this Bank if you truly want to manage your money as per „Shariah“. They also offer you credit cards with stunning deals to provide you true Islamic Banking experience.

For more info on how to manage your account conveniently, check it out.