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Set of banking services are same as conventional Bank. Clearing mechanisms, bank drafts, bills of exchange, travelers cheques, etc. Are offered. Current accounts, savings accounts, and investment accounts. Are offered by conventional banking
Any predetermined payment over and above the actual amount of principal is prohibited. The lender must share in the profits or losses arising out of the enterprise for which the money was lent. Making money from money is not Islamically acceptable
Prohibition of Interest
as a form of wealth
Money: primary function: medium of exchange No price should be charged for money Basic rule in lending: return an equal amount
Current Account
Deposits available
Savings Acoount
Investment Account
Investment Financing
Trade Financing
Lending
MODES OF FINANCING
Investment financing
musharaka
Trade financing
lending
mudarabha
Over drafts
Hire purchase
Letters of credit
Islamic banks can give inclusive growth along with control over inflation. Equity finance is extended by lower cost of credit.
It provides equitable share of profit. It provides small amount of loans
Islamic banking being a young concept can help development of poor economy. Though having few draw backs it has its own advantages to stand on.
We would like to thanks Mr. Viral Dharani our faculty for giving us the topic of ISLAMIC BANKING which being a very new concept is now known to us We received bundles of knowledge and an updated news of the economics.
PRESENTED BY
Monali Shah 19 komal Salgaonkar 17
Aparna Vaze 20
Seema Nishad 30
Tanvi Sidhaye 7