Working of Islamic Banking
Islamic banking works on few laws which derive from Sharia Law practices as
- If customer deposits money in bank, bank should guarantee the money should return to customer.
- Customer can withdraw the money anytime.
- Bank can charge you a fee for looking after customer money and may pay hibah(gift)to customer if it deems fit.
Islamic banking module divided into four type of principle which derived from Holy Quran.
- Mudharabah (Profit Sharing)
- Bai’ Bithaman Anjil- BBA (Deferred Payment Sale)
- Murabahah (Cost Plus)
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