PART 3 DODA AND THE GENG MOST LATEST

By kuriyamasannn | Updated: Dec. 6, 2024, 9:59 a.m.

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CONVENTIONAL

Conventional banking uses interest charged to lenders along with other investments to turn over an income
ISLAMIC BANKING
Islamic banking on the other hands uses Islamic teachings and Shariah laws in their banking products which levy profit rates instead of interest rate
CONVENTIONAL

ISLAMIC BANKING
The function and operating modes of conventional banks are based of fully manmade principles
The functions and operating of Islamic banking are based on the principle of Islamic Shariah
CONVENTIONAL

ISLAMIC BANKING
It can charge additional money (penalty and compounded interest) in case of defaulters
Islamic banks have no provision to charge any extra money from the defaulters
CONVENTIONAL

ISLAMIC BANKING
It aims at maximizing profit without any restriction. It also does not deal with Zakat
It aims at maximixing profits but subject to Shariah restriction and it deals with Zakat
CONVENTIONAL

A conventional bank also has to guarantee all its depositors
ISLAMIC BANKING
Islamic banking can only guarantee deposits for depositors account, which is based on the principle of Al-Wadiah thus the depositors are guaranteed repayment of their funds
ISSUE FOR ISLAMIC BANKING INSTITUTIONS & CHALLENGES
These challenges have arisen mainly arose from the lack of supportive environment, inadequate regulations and the infant stage of Islamic banking.

This is because these challenges are transitional and relate to macro-economic factors.
Firstly, the issue is about central banks and supervision
Many central bank in the local regions where Islamic banks are functioning do not have the legislation, the tools or even the procedures needed to supervise those Islamic banks.
Second, the issue is about the new banking regulations
Many banking regulations are invented to fulfil the control requirements of conventional banks  makes it hard for Islamic banks.
Though such rules prevail more in non-Islamic countries, regulating authorities in Islamic banks in those countries do follow suit.
Lastly, the issue is about the product diversification and service quality
Many Islamic banks  do not have the diversity of products essential to satisfy the growing needs of their clients, such as leasing and money-market instruments.

Many Islamic banks also lack the necessary expertise and institutional R&D
CONCLUSION
Islamic banking comply with the religious injunctions of Islam that are based on the Quran and Sunnah
Aren’t merely based on physical satisfaction but also spiritual in seeking peace and the goal to please Allah S.W.T in the first place
Islamic Banking shall be free from any manipulative or taking advantage behaviours
This is not the case for conventional finance driven by interest-rate debt financing which allows the two economic segments to be constantly decoupled and the economy to become more vulnerable
In the Qur’an 2:278-279, Allah does not declare war on anyone except those who deal in riba: “O you who believe, fear Allah and give up what remains of your demand for riba, if you are indeed believers. If you do it not, take notice of war from Allah and His Messenger.”
THANK YOU

PART 3 DODA AND THE GENG MOST LATEST

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