One of the most inherited religions of this world is Islam, and an Islamic bank is based on its principles. Principles that Islam tells Muslims to follow. One of the most important and known principles is noninterest. Islam doesn’t encourage the concept of getting interested in money. Therefore, it created an Islamic bank that runs on this principle and the law of shariah.
What are the advantages of Islamic banking
Islamic banking helps people to earn what they earn through that effort and not just sitting and receiving the interest cash from the bank which is also known as sood.
Linking is to making the financial ability stable since no poor will no longer become poorer and no rich will become richer but everyone will be paid according to their demand and the hard work they offer to the bank and with what dedication they do their work.
Is Islamic banking halal?
This is one of the most asked questions in the times when the Islamic banking in Australia depend and it was new for everyone, people asked many questions out of which one is this. Moreover, yes it is halal. Car finance is also halal as it doesn’t encourage interest and installments but Hijrah. That is within the principles of Islam.
When was the first Islamic bank established?
The first Islamic bank after getting permission by the owner got established in the late 1950s in the rural areas but the moderns Islamic bank was established in 1965 and it had vast followers till then.
Listing down the principles of Islamic banking
Firstly their work is to prohibit the use of interest and installments which is haram in Islam, secondly, when a Muslim invest their money, the principle of the bank is to ensure that the invested the money at the right place and that no fraud will harm the. It increases morale and social values in people.
What are the qualifications needed to get into this banking
Since Islam doesn’t put any barriers for anyone so does this banking. They allow anyone to work based on how much aware of knowledge he or she is. They should be fluent in English, good knowledge holders in whatever department they want their job in, religion doesn’t matter but the condition is that they won’t violate the principles of the banking or Islam. No gambling and no drinking is allowed. Since it is based on the principles of Islam, however, the principles are o be followed or the conditions that are due if you not follow the rules, the bank is not held responsible for it. The payment will be done as a salary on the day when the bank is closing that makes it in the first week of the month.
