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Islamic Banking vs. Conventional Banking

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Post Options Post Options   Thanks (1) Thanks(1)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: 23 Jun 2013 at 22:02
Conventional banking practices areconcerned with "elimination of risk" where as Islamic banks "bear the risk"when involve in anytransaction.

Bank Accounts

Edited by hena123 - 26 Jun 2013 at 00:04
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Post Options Post Options   Thanks (0) Thanks(0)   Quote pinguin Quote  Post ReplyReply Direct Link To This Post Posted: 24 Jun 2013 at 02:04
Why "Islamic" banking? Banks is an industry that deals with money, and not with God. And the rules of lending are universal: you lend with interest. If you don't do so, the bank goes bankrupt and that is it.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: 19 Oct 2015 at 15:44
Originally posted by cahaya cahaya wrote:

Modern Islamic banking was introduced in Egypt by Ahmad Elnaggar in year 1963.
Since that, many countries with high Muslim population adapted the concept with
various Islamic banking products from deposit, mortgages/loans, insurance to credit cards.

In fact, the Islamic banking products are well accepted by the non-muslims too. The response from
the consumers have given an impact to the conventional banking services. Where well-known international  bank such as HSBC has came up with their own Islamic Banking product (HSBC Amanah).

The questions here, isn't conventional banking threatened by products and services by Islamic banking? Nonetheless, in general, Islamic Banking is following the Shariah laws for any business deals but when we look closely it is almost similar to what conventional banking offered in term of interest charge and service charge where in Islam the consumers should not be burden with high charges impose by the bank.


Hello, I agree with your post that Islamic banking is very useful and has become quite popular among non Muslims as well. Today Islamic economic principles have been applied in the financial industry especially in banking. There are several websites online like http://www.nusourcefinancial.com/ which explains both Islamic and conventional banking very well. Smile

Islamic banking is growing in multiple dimensions and have become famous among all the nation. It is now spreading in other financial sectors like insurance, structured finance, project finance, mutual funds etc.LOL

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