Importance of Islamic banking in the UAE
In Dubai everyone has an idea about two parallel systems running in the banking sector – one is Islamic banking in uae and the other is the conventional baking system. We will come towards the importance of Islamic banking latter and before that one should understand that all of the services can be availed from both types of units. There is no restriction but yes the way of working is totally different with a big variation in terms and conditions. You can get an Islamic loan in Dubai from any banks providing sharia-compliant services. The loan offers are similar to conventional units but vary when we considered the interest rate point. Moving towards the importance of Islamic banking in uae, a lot of reasons can be given to adopt and open a current account there. For example, we can take the major point as the Islamic way of managing finance has been one of the driving forces behind Dubai’s Billion dollar business sector. How it is? Let me explain through two points which a...