Difference between Islamic banking and conventional banking?
Why Dubai banks are working following two different patterns? If you don’t believe in us, go to the market and you will find two unique and diverse methodologies for taking care for banking tasks. One is known as traditional or conventional banking and the second is Islamic banking in UAE that is running parallel to the first one. If we have a look at services being provided by both we see that Islamic banks in UAE are completely and perfectly provide their services to the traders and businessmen for investment plans. But the others also do the same function, then what’s the difference?
The difference is very simple to understand. Conventional and traditional banking yes for sure provide investment and all other banking facilities but with an interest rate being charged for each single baking task. While on the other hand Islamic baking is completely against the interest rate system. There is no concept to take even zero interest rate on a banking task.
To some extent for a trader, it matters which type of banking is suitable for them but the most important thing is that which one is providing best priority banking services. As priority banking is the need of the day for a person if he/she wants to start a business in Dubai either a small sized project or a project at the group level. How one can take advantage in Dubai through priority banking according to your needs is also very important to be noticed. Suppose you are a frequent traveler and very often move from one state to other many times within a short time period.
First of all, here we mention some details about different types of the banking sector and also their services so that we can understand the basic level of baking functions. Major Banks in Dubai deal with almost in every financial sector and generate a handsome amount of revenue for the state. As we have mentioned above the two major types of banks that are:
- Investment banks in Dubai
- Islamic banks in Dubai
Unique features of Islamic banking in UAE
In Islamic banking, the recommended bank provide the complete guide to its customers to avail the services of the bank through online portals. That’s how an account holder can remain in touch at any time for detailed information all the time. This system provides the best banking solutions that are about world-class wealth solution. A team of highly professional financial experts from the bank provides a complete package of guidance about the investment plans.
The highly professional people hire by an Islamic bank provide the ultimate and best-suited solutions to their clients and guide about the exact time and place where to invest the money. This is the most critical and important point to be noted at the right time. An Islamic business bank is a wonderful platform for such updated information in a secure way. So far Mashreq Islamic banking services are completely upgraded and unique in nature.