Different between Islamic Banking and non-Islamic banking
By Yusuf Habiib Hussien (Seer) Banking is one of the most important parts of our day-to-day activities and also plays a major role in the economy. Banking comes in two forms or systems: Islamic banking and non-Islamic banking. However, though Islamic banking exists due to the demand for Islamic banking by Muslims, especially due to the Sharia law, the non-Islamic banking highly relies on transactions based on interest. While both systems align in some ways, there are fundamental differences between Islamic and non-Islamic banking. This article shall look at Islamic banking and its difference with non-Islamic banking. A comparison of Islamic banking shall be made covering principles and practice, products and services, contract and legal frameworks, risk management, social responsibility and ethical principles, and growth and the future. Islamic Banking vs. Non-Islamic Banking Now, there are two types of banking systems existing in this modern world. First is the Islamic banking and the...