Search results
Results from the WOW.Com Content Network
(For example, one Islamic bank – Al Rayan Bank in the United Kingdom – talks about "Fixed Term" deposits or savings accounts). [352] In both, the depositor agrees to hold the deposit at the bank for a fixed amount of time. [353] In Islamic banking return is measured as "expected profit rate" rather than interest. [354] [355]
Regarding the rate of profit and loss sharing – i.e. the "agreed upon percentage of the profits (or deduction of losses)" the Islamic bank takes from the client – there is no market to set it or government regulation of it. This leaves open the possibility the bank could exploit the client with excessive rates.
(For example, one Islamic bank—Al Rayan Bank in the UK—talks about "Fixed Term" deposits or savings accounts). [167] In both these Islamic and conventional accounts the depositor agrees to hold the deposit at the bank for a fixed amount of time. [168] In Islamic banking return is measured as "expected profit rate" rather than interest. [169 ...
The industry has been praised for turning a "theory" into an industry that has grown to about $2 trillion in size; [6] [7] [8] for attracting banking users whose religious objections have kept them away from conventional banking services, [9] drawing non-Muslim bankers into the field, [2] and (according to other supporters) introducing a more stable, less risky form of finance.
Jaiz Bank Plc, is a bank in Nigeria operating under Islamic banking principles and is a non-interest bank. It is the first non-interest bank established in Nigeria and is headquartered in Abuja, the capital city of the country. [3] As of December 2012, the bank was a medium-sized, financial services provider in Nigeria.
Islamic banking has been called "the most visible practical achievement" of Islamic economics, [21] and the "most visible mark" of Islamic revivalism. [154] By 2009, there were over 300 "shariah compliant banks and 250 mutual funds around the world, [ 155 ] and around $2 trillion were sharia-compliant by 2014.
TAJBank Limited, [2] is Nigeria's second Non-interest bank, operating under Islamic banking principles, established in Nigeria with its headquarters in Abuja, the capital city of the country. [ 3 ] The Bank operates 45 branches, 5 cash centers and provides regular ATM services as well as Online, Mobile, USSD (*898#) and SMS banking services.
Despite this "rebooting", Khan states that the new, purified, full-fledged Islamic banks are the same in "form and function" as the old Islamic banks, and that eleven years later (as of 2013), use only a minuscule amount (3%) of profit and loss sharing, and make up only about 10% of the country's banking sector. [398]