Do you have an idea about a Sharia Compliant system? This is basically a completely opposite way for doing banking according to the Islamic system. A sharia-compliant account is a type of account offered by Islamic banks which do not follow the commercial bank’s rules. The main difference between a sharia account and a tradition account is that the former is held as an interest-free account.
Following are the main differences or you can say that some unique features of Islamic finance company:
- As we all know that Islamic banking system completely opposite to the traditional and commercial banking, so profiting via interest on one’s money is strictly prohibited in Islam. The service provided is obligatory to account holders including Muslims or non-Muslims to make sure their money is far from dealings of interest rates. The account holder and the service provider would share an equal amount of profit and loss through an investment deal. So no one could ever get into a big loss. While in the case of traditional and commercial banking, we see the corporative sector don’t have any sympathy for an account holder. If you are getting into a loss, your interest rate amount will also be increased in the form of an extra burden.
- The second most important thing besides the interesting part is Sharia compliant account that makes sure about where your money is invested. Such kind of accounts by making a strong restriction doesn’t allow any bank to make any investment deal which is against the Islamic rules. A service provider with the money kept in a bank account cannot be invested in businesses which deal in goods and services that are running on interest rate system but only for Islamic investment.
- According to Sharia rules and regulations in Islamic Financing system, money can be used for your benefits in an exchange of goods. Through Islamic account system which is best suited for people who are not willing to take interest in their savings or allow their money to be invested in businesses that are banned. An Islamic finance company through sharia-compliant account makes sure every transaction which is made by using your money will be used for according to Islamic laws and does not involve prohibited activities.
How we can get the best investment plan in Dubai?
As we have discussed the two strategies for making investment deals. Now it’s up to you which one you want to go for. But we inform you as it is our duty that best investment plan through Islamic banking system is more popular in Dubai than through traditional or commercial banking. The reason is only one that is interest rate system. People are fed up and want to get rid such type of money that is only a dream but in fact a trap.
To get further information regarding Islamic investment system and features, we suggest you go for Mashreq Bank, a private bank in the mid of the city of Abu Dubai.
This is the Islamic finance company that makes Sharia-compliant Account smooth and easy to do business in Dubai. The argument on interest is vast and Islamic defenders can challenge it at different forums to defend according to the rules.
For best investment plan in Dubai, you have only two major methodologies to follow – the first one is traditional or commercial banking plans and second is Islamic banking approach.
For Islamic investment, the account holders and the service provider share the same space in any investment deal. The margin of profit and loss is equally distributed among both parties with no inters rate system.