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Importance of Islamic banking in the UAE

صورة
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...

Why Islamic mortgage loan is important?

صورة
There is nothing special taking loan services from a bank in UAE because it’s a routine based tasks for baking staff and also for the borrowers. The point to understand here is a type of loan being provided by Islamic banks which is completely different at 180 angles with the services provided by commercial banks in Dubai. Now you have two open options – Dubai Islamic loan from any Islamic bank according to the rules and regulations set by Sharia and second, you can go for a traditional bank/conventional bank for any loan service. Let me clear you’re the difference one by one. First of all Islamic loan is basically held as an interest-free account for all kinds of account holders including locals as well as foreigners as we can see through the sharia’s low window that profiting via interest on one’s money is strictly prohibited in Islam. For all Muslims, it is obligatory to make sure their money comes from dealings of free interest rate systems. Besides the interesting part,...

All you need know about Premium banking 2020

صورة
Banks all over the world are working to engage customers with new premium offers and products and this case is pretty similar in UAE. They provide the best solutions to priority-based clients through these high-end accounts which come with steep monthly fees compared to typical checking accounts. Although things are different in the  best premium banking  as it is not affordable for all of the account holders but you get a lot of benefits in return. What kinds of benefits one can get is pretty attractive for most of the account holders. We will make it easy to understand the benefits which mostly include things like better interest rates, free ATMs and reimbursement of the outstanding balance.  The point is to understand the charges applicable to a certain bank account as they provide an attractive package that is not easy to ignore. With all of the benefits, you may be wondering that is it necessary to get a premium checking account. What is your understanding ...