The document summarizes the key differences between Islamic banking systems and conventional banking systems. The Islamic banking system is based on Islamic law (Sharia) and prohibits collecting or paying interest. It promotes profit and loss sharing between investors and entrepreneurs. In contrast, conventional banking provides loans and deposits with predetermined interest rates and aims to maximize profit without restrictions. Some other differences include that Islamic banks participate in business partnerships while conventional banks provide loans, and Islamic banks emphasize project viability rather than client creditworthiness.
It is well known that interest-based banks accept deposits of different maturities, paying different rates of interest on different kinds of deposits. Islamic banks do not pay interest on deposits. How Islamic banks operate different kinds of deposits
Slides of difference between conventional banking & islamic bankingShahzaibSohail8
Difference between Conventional Banking & Islamic Banking , Difference between Conventional Banking & Islamic Banking,Difference on the basis of Investment ,Difference on the basis of Social Responsibilty , Difference on the basis of deposits , Difference on the basis of Accounting
It is well known that interest-based banks accept deposits of different maturities, paying different rates of interest on different kinds of deposits. Islamic banks do not pay interest on deposits. How Islamic banks operate different kinds of deposits
Slides of difference between conventional banking & islamic bankingShahzaibSohail8
Difference between Conventional Banking & Islamic Banking , Difference between Conventional Banking & Islamic Banking,Difference on the basis of Investment ,Difference on the basis of Social Responsibilty , Difference on the basis of deposits , Difference on the basis of Accounting
the presentation will help you in understanding diffrent terms of islamic banking. also it will help you in finding the answers of your critics about islamic banking.
Islamic Banking (IB)Definition:Islamic banking can be defined as: a form of modern banking based on Islamic legal concepts using risk- sharing as its main method excluding financing based on fixed pre- determined return.
The report is based on banking system in Pakistan, that's Islamic and Conventional banking. How they operate in Pakistan, and what are their products and services for public as per State Bank of Pakistan.
Growth prospects of islamic banking in pakistanLubna Arbi
Islamic banking its products, history and analysis with conventional banks.Along with competitive advantages, barriers and suggestions for improvement in Pakistan.
Islamic Banking refers to a system of banking that complies with Islamic law also known as Shariah law which prohibits interest based banking and permits only profit sharing based banking.
Difference between Islamic banks and Conventional banksMuhammad Danish
this document contains a detailed comparison of the Islamic banking system and conventional banking system. we take the examples of HBL and Meezan bank limited
the presentation will help you in understanding diffrent terms of islamic banking. also it will help you in finding the answers of your critics about islamic banking.
Islamic Banking (IB)Definition:Islamic banking can be defined as: a form of modern banking based on Islamic legal concepts using risk- sharing as its main method excluding financing based on fixed pre- determined return.
The report is based on banking system in Pakistan, that's Islamic and Conventional banking. How they operate in Pakistan, and what are their products and services for public as per State Bank of Pakistan.
Growth prospects of islamic banking in pakistanLubna Arbi
Islamic banking its products, history and analysis with conventional banks.Along with competitive advantages, barriers and suggestions for improvement in Pakistan.
Islamic Banking refers to a system of banking that complies with Islamic law also known as Shariah law which prohibits interest based banking and permits only profit sharing based banking.
Difference between Islamic banks and Conventional banksMuhammad Danish
this document contains a detailed comparison of the Islamic banking system and conventional banking system. we take the examples of HBL and Meezan bank limited
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Home assignment II on Spectroscopy 2024 Answers.pdf
DIFFERENCES BETWEEN ISLAMIC BANKING SYSTEM AND CONVENTIONAL SYSTEM
1.
2. ISLAMIC BANKING SYSTEM
• A BANKING SYSTEM THAT IS BASE ON THE PRINCIPLE OF
ISLAMIC LAW (ALSO KNOWN SHARIAH )AND GUIDED BY
ISLAMIC ECONOMIC.
• TO BASIC PRINCIPLE BEHIND ISLAMIC BANKING ARE SHARING
OF PROFIT AND LOSS, SIGNIFICANTLY , THE PROHIBITON OF
THE COLLECTION AND PAYMENT OF INTEREST.
• COLLECTING INTEREST IS NOT PERMITTED UNDER ISLAMIC
LAW
3. CONVENTIONAL BANKING
• A COMMERCIAL BANK (OR BUSINESS BANK) IS THE TYPE OF RETAIL
BANK THAT PROVIDED SERVICES, SUCH AS ACCEPTINGS DEPOSITS,
GIVING BUSINESS LOAN, AND BASIC INVESTMENT PRODUCTS
• A FINANCIAL INSTITUTION THAT PROVIDED SERVICES SUCH AS
ACCEPTING DEPOSTIS GIVING BUSINESS LOAN AND AUTO LOAN
MORTAGAGE LENDING AND BASIC INVESTMENT PRODUCT LIKE
SAVING ACCOUNT AND CERTIFICATE OF DEPOSIT.
• THE TRADITIONAL COMMERCIAL BANK IS A BRICK AND MORTAR
INSTITUTION WITH TELLERS, SAFE DEPOSIT BOXES, VAULTS AND ATMS.
HOWEVER, SOME COMMERCIAL BANK DO NOT HAVE ANY PHYSICAL
BRACHES AND REQUIRE CONSUMER TO COMPLETE ALL
TRANSACTIONS BY PHONE AND INTERNET.
4. Differences between Islamic and conventional
system
Conventional banking Islamic banking
1. The functions and operating modes of
conventional banks are based on fully manmade
principles.
1. The functions and operating modes of Islamic
banks are based on the principles of
Islamic Shariah.
2. The investor is assured of a predetermined
rate of interest.
2. In contrast, it promotes risk sharing between
provider of capital (investor) and the user of
funds (entrepreneur).
3. It aims at maximizing profit without any
restriction.
3. It also aims at maximizing profit but subject
to Shariah restrictions.
4. It does not deal with Zakat. 4. In the modern Islamic banking system, it has
become one of the service-oriented functions of
the Islamic banks to be a Zakat Collection
Centre and they also pay out their Zakat.
5. CONVENTIONAL BANKING Islamic BANKING
5. Lending money and getting it back with
compounding interest is the fundamental
function of the conventional banks.
5. Participation in partnership business is the
fundamental function of the Islamic banks. So
we have to understand our customer’s business
very well.
6. It can charge additional money (penalty and
compounded interest) in case of defaulters.
6. The Islamic banks have no provision to charge
any extra money from the defaulters. Only small
amount of compensation and these proceeds is
given to charity. Rebates are give for early
settlement at the Bank’s discretion.
7. Very often it results in the bank’s own
interest becoming prominent. It makes no effort
to ensure growth with equity.
7. It gives due importance to the public
interest. Its ultimate aim is to ensure growth
with equity.
8. For interest-based commercial banks,
borrowing from the money market is relatively
easier.
8. For the Islamic banks, it must be based on a
Shariah approved underlying transaction.
9. Since income from the advances is fixed, it
gives little importance to developing expertise
in project appraisal and evaluations.
9. Since it shares profit and loss, the Islamic
banks pay greater attention to developing
project appraisal and evaluations.
6. ISLAMIC BANKING CONVENTIONAL BANKING
10. The conventional banks give greater
emphasis on credit-worthiness of the clients.
10. The Islamic banks, on the other hand, give
greater emphasis on the viability of the
projects.
11. The status of a conventional bank, in
relation to its clients, is that of creditor and
debtors.
11. The status of Islamic bank in relation to its
clients is that of partners, investors and trader,
buyer and seller.
12. A conventional bank has to guarantee all its
deposits.
12. Islamic bank can only guarantee deposits for
deposit account, which is based on the principle
of al-wadiah, thus the depositors are
guaranteed repayment of their funds, however
if the account is based on the mudarabah
concept, client have to share in a loss position.