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Know about banking in uae

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Get an information about finance and banking products including corporate/ personal banking, online banking and other banking services from this document

Get an information about finance and banking products including corporate/ personal banking, online banking and other banking services from this document

Published in: Economy & Finance, Business

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  • 1. KNOW ABOUT BANKING IN UAE
  • 2. All About Banking         What is banking? Banking in UAE? What is conventional banking? What is Islamic Banking? What are the benefits of Islamic Banking? What are the demerits of conventional banking? Facilities provided in Conventional Banking: Facilities provided in Islamic Banking:
  • 3. What is banking?    Usually involves accepting deposits and lending out money There is interest accrued to deposits and interest charged on loans Conventional banking technique, with basic tenet being profit making
  • 4. Banking in UAE   UAE’s banking system revolves around Islamic banking It follows the principles of Islamic law, also called Sharia
  • 5. What is conventional banking?    Account holders place their money in banks for both safeguarding it as well as earning interest Banks mobilise money from account holders and lend it to borrowers. Banks charge interest on money lent to borrowers and pay interest to money held by account holders
  • 6. What is Islamic Banking?  Islamic banking revolves around the two basic principles of Islamic law:  Sharing profit and loss  Prohibition from collecting interest from borrowers or paying interest to account holders   Financial transactions and investments are based on tenets of Islamic law: Prohibition from investing in non-Islamic behaviours which include but aren’t restricted to matters of gambling, alcohol, pork etc.
  • 7. What are the benefits of Islamic Banking?         Based on social responsibility Based on sustainable environmental development Borrower not forced to shell out large sums in interest Account holder places money in bank as an interest free loan to bank Extrapolating from prohibition of un-Islamic acts, ecologically detrimental projects are also prohibited Humans considered trustees of nature, and must safeguard it – lack of environmental exploitation Excess is discouraged – lack of economic exploitation Emphasis on society as a whole, rather than the individual
  • 8. What are the demerits of conventional banking?        Emphasis placed on individual rather than society Interest based banking system – leads to desire for excess No restraint on investment policies – driven by economic acquisition than ecologic consideration Borrower required to pay high interest Account holders deposit money in bank in order to earn interest Not based on concept of social responsibility Not based on concept of sustainable environmental development
  • 9. Facilities provided in Conventional Banking:  Corporate Banking           For Small and Medium Enterprises For Large Enterprises Personal Banking Banking facility online Mobile Banking Debit Card Credit Card Term Deposits Money transfer Investment services and products
  • 10. Facilities provided in Islamic Banking:  Business Banking           For Small and Medium Enterprises For Large Enterprises Personal Banking Online Banking Mobile Banking Debit Card Credit Card Term Deposits Money transfer Investment services and products
  • 11. Conclusion      Almost all of the facilities that are available in conventional banking are also to be found in Islamic Banking. However, there exists a principle of social responsibility in Islamic Banking that the conventional kind lacks. In order for society to progress, there must be an equitable sharing of both profit and loss among the people, which can help bridge the gap between the rich and poor. Conventional banking, based on interest, helps widen the economic and social gap between the haves and the havenots. In order to achieve not just economic progress but also social progress, Islamic Banking is the way to go.