Month: September 2021

Can Muslims Work at Conventional Banks? 5 Answers you Want to Know

Many Muslims have a question about “can Muslims work at conventional banks?”. The fact that many Muslims work in a conventional bank makes them wonder if it is halal or haram.  This article aims to give you some scholars’ views about Muslims working in a conventional bank. CHECK OUT THE NEW FEATURE  Can Muslims work …

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5 Things That Make Conventional Banking and Islamic Banking Different

In this article, we will briefly discuss the 5 main differences between conventional banking and Islamic banking. Conventional banks earn their profit by charging interest for their services without sharing any risk with debtors. Meanwhile, Islamic banks share the risk with businesses and use equity participation systems to earn their profit. Equity participation means that …

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3 Things about Vehicle Financing via Islamic Hire Purchase You Need to Know

Islamic hire purchase is one of the alternatives that the Islamic bank’s customer may apply for vehicle financing. This product is based on the Al -Ijarah approach (leasing). The Islamic bank then transforms it into an Islamic hire purchase, generally known as Al-Ijarah Thumma Al-Bay (AITAB). Islamic banks may assist customers, whether individual or corporate, …

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3 Types of Islamic Financial Institutions You Want to Know

Islamic Financial Institutions have their own importance in terms of the development of the whole industry. Despite the fact that Islamic financial institutions have a variety of forms, customers, and goals, they all have one thing in common. They must adhere to Islamic law. The following sorts of Islamic financial institutions serve Muslim and non-Muslim …

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Halal Investment in Australia: The Best Opportunities for You

Halal investment in Australia is one of the developing points. Despite the fact that Muslims make up barely 3% of Australia’s population, their numbers are expanding. Muslims are reshaping cultural touchstones to satisfy their ethical and cultural requirements. Though this applies to many aspects of life, traditional financial services are one of the hardest to …

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Why Islamic Finance in Indonesia is Interesting

The initiative of the establishment of the Islamic Finance industry in Indonesia began in 1990 by the Indonesian Council of Ulama (MUI). Bank Muamalat Indonesia is the first Islamic bank in Indonesia that was established in November 1991 and officially operated in May 1992. Indonesia is a latecomer to establish Islamic banks compared to other …

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