In the world that we live in today, banks and financial organizations are constantly endeavouring to maximize their profits at any cost. There is little or no consideration to the human side of money or the socio-economic aspects of finance. Islamic banking has the perfect balance between the traditional values and modern needs. It is based on the pillars of Justice, Morality and Equity and is an effort made by financial institutions to balance their social and financial obligations. It is based on the principles of Sharia with the following key aspects:
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Islamic banking is fundamentally different from conventional banking. Based on Shariah laws, it has a list of do’s and don’ts which make it a unique financial proposition. Let’s take a look at what sets them apart:
Let’s look at some Islamic accounts offered in the UAE.
Apart from these, Islamic personal loans, car loans, home loans and business loans are also available for customers.
Apart from being Sharia-compliant, Islamic accounts have some or most of the following features:
- Debit card
- Internet banking
- Phone banking
- SMS banking
- Mobile banking
Each type of account and bank will have its own eligibility criteria which needs to be checked individually. Some common eligibility criteria are:
Age : Usually, any financial transaction requires the applicant to be at least 18 years of age. Minors can open some accounts jointly with a guardian.
Nationality : Most of the accounts offered by banks are available for UAE residents and non residents. The documentation required and charges applicable may vary.
Type of Entity : Depending on the type of account and bank you apply to, certain entities are permitted to open accounts in UAE. Some commonly accepted entities are :
As is the case with eligibility, every bank can have its own requirement of documents to process your account application. Apart from the application form, some basic documents needed are:
A. Yes. Islamic accounts are not available to just Muslim customers. Anyone who believes in the Shariah principles of banking can open an Islamic account.