How Does An Economy Hold The Islamic Banking System?

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The discrediting of the capitalist model and the traditional banks can open the door to Islamic bankin

as anti-crisis shelter. Islamic finance has been implemented late June from an analysis at an

international seminar organized by IE Business School, the Arab House and the King Abdulaziz University in Saudi Arabia.

The first attempt to introduce interest-free economic practices occurred in Egypt and Malaysia in the late sixties, but the first Islamic bank started in 1975, based in Dubai. Since then, Islamic financial institutions have continued to grow, driven by strength in the oil industry and the firm resolve of Muslim businessmen.

Since then Islamic banking has arisen and spread over 500 institutions in over 75 countries. The U.S. $ 951,000 million in current assets only includes 1% of global finance, but the studies being made by Saudi institutions provide an expansion in progress of Islamic banking.

Australia, United Kingdom, Ireland, Luxembourg and Germany are about to do in France, Italy and Russia and also becoming known in the Asian giant, China catering both offline and online bank

The basic principles governing this type of banks are very clear and presented in a presentation made at the First Exhibition of Muslim Spain in the month of February: 

+ Info

* Address the salary in the bank, factors to consider

* Fixed term deposits for new customers
* Tips for Choosing the Best Mortgage

It is prohibited according to Quranic view to invest in things harmful to the community including alcohol, snuff, pornography, weapons, drugs, pork and usury market. Islamic banking does not include speculation, so that when applying for a loan, the entity charged as a fixed fee margin not abusive. 

Following the implementation of Islamic banking is found in UAE Bank:

Objectives:

- Promotion of the Islamic financial industry and related institutions
- Eliminating poverty
- Promoting cooperation among member countries

Priority areas:
To realize these objectives, the Bank Group focuses on the following six priority areas.
- Human development
- Agricultural development and food security
- Infrastructure development
- Intra-regional trade among member countries
- Private Sector Development
- Research and development (R & D) in Islamic economics, banking and finance

 Another feature of Islamic Bank in UAE is that the debt can not be sold and the risk of which has to be assumed from the beginning to the end by the original creditor i.e. the bank that gave the rights of credit in the form of credit cards.

This practice is fully normalized in the banking system we know and has been one of the major reasons that led us to the crisis, in which we are immersed, with the sale of mortgage debt packages "prime" and "deleted."

As the world is getting used to the internet, the online bank is easily accessible to everyone and a bank in UAE is facilitating with many more options like loan issuance, credit cards, and other features of the UAE bank so that the customers can be satisfied at the most extent and take advantage of the online world .

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