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INTRODUCTION TO ISLAMIC BANKING SYSTEM

Islamic banking is described as form of banking in which it adheres to the Islamic law (referred as shari’ah) and follows Islamic economics principles. The Shari’ah law prevents believers from paying or even collect riba(referred as interest).The major reason for not allowing interest is that money should not be used as form of making profit, rather than it should be  only entitled for the products and services only.

It is viewed that characteristics of Islamic banking are purely based on ethical standards. It is said that a Muslim believer can make profit when carrying out business, but it has to adhere to Islamic ethics and standards or otherwise it is deemed to be outlawed. It is also stated that for a person investment to be logically accepted must also adhere to Islamic Financial Institution.

Since the institution has the mandates to express what one is expected in making profits. Thus the major concern about Islamic investments is; Money does not produce itself, but only becomes worth when it is involving a task or an activity.

ISLAMIC DEPOSITS

 A Banks customer is usually categorized under loan (referred as quad) and is the duty of the bank to pay bank their clients. Where the quad is usually categorized under Musharika.Where Musharika is a joint agreement formed between the bank and the customer for business purpose. Where the bank and the client both are involved in the contribution of capital, they share the profit according to stipulated ratio, and this principle is also adhere in case of loss. It is the duty of the bank to protect the client’s asset and to ensure the get the highest halal returns. Since banks are not involved in paying interest, then it is the client’s obligation to become partner so as to be sharing the profits. The only process to be a bank partner is for the client to open an Investment account (referred as saving Deposit) thus enable bank to invest the clients asset

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