Q. WHAT IS ISLAMIC BANKING? A. Islamic Banking is basically a banking system that is based on the principles of profit and loss sharing, and, significantly, the prohibition of the collection and payment of interest. In that sense, it is a true partnership between the bank and its clients where risks shared according to mutually agreed ratios. For example, instead of providing a facility to finance import, an Islamic Bank will simply buy the product and sell to the importer at a mark-up. It can also go into partnership with a Real Estate developer, build houses, Industrial Estates, etc, and share in the profit according to an agreed proportion. # JaizBankFAQ (Please call +234-9-4605294 for further inquiries)
Posted on: Mon, 29 Dec 2014 23:27:27 +0000
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