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Islamic banking, Islamic finance ( Arabic: مصرفية إسلامية masrifiyya 'islamia ), or Sharia-compliant finance [1] is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics. Some of the modes of Islamic finance include mudarabah (profit-sharing ...
Islami Bank Bangladesh PLC. (IBBPLC.) ( Bengali: ইসলামী ব্যাংক বাংলাদেশ পিএলসি) is an Islamic banking company based in Bangladesh. It became incorporated on 13 March 1983 as a public limited company under the Companies Act 1913 and started operation on 30 March, the same year. [7]
Bank Islam Malaysia Berhad ( Jawi: بڠك اسلام مليسيا برحد) is an Islamic bank based in Malaysia that was established in July 1983. [1] Bank Islam was established primarily to assist the financial needs of the country's Muslim population, and extended its services to the broader population. The bank currently provides Sharia ...
(For example, one Islamic bank—Al Rayan Bank in the UK—talks about "Fixed Term" deposits or savings accounts). In both these Islamic and conventional accounts the depositor agrees to hold the deposit at the bank for a fixed amount of time. In Islamic banking return is measured as "expected profit rate" rather than interest.
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Bank Islam Brunei Darussalam is an Islamic Bank in Brunei. [1] Established in 2005 with the merger of Islamic Bank of Brunei and Islamic Development Bank of Brunei, [2] it is based in Bandar Seri Begawan. [3]
BankIslami Pakistan LTD. ( بینک اسلامی پاکستان لمیٹڈ) is a Pakistani Islamic bank based in Karachi, Pakistan. [2] It has 400+ branches in 150 cities in Pakistan. It is the first Islamic commercial bank to receive the Islamic banking license under the Islamic banking policy of 2003 from the State Bank of Pakistan on March ...
Al Rayan Bank PLC. Al Rayan Bank PLC (مصرف الريان formerly known as Islamic Bank of Britain) is a commercial bank in the United Kingdom, established in August 2004 [2] to offer Sharia compliant financial service products to customers of any faith. The Bank serves its Premier [clarification needed] and Commercial customers through ...