Use BookMyEssay:Islamic Banking Assignment Help

Islamic banks function is over 60 countries mainly in the Middle East and Asian countries. Thes banks are different from traditional banks. One of the important features of these banks is profit and loss.

It is natural and imperative for Islamic Banks to incorporate in its practices and functions social activities and commercial investment as the institution designed for promoting the civilizing mission of the Islamic economy.

Islamic banking is the system of financial intermediation, which avoids interest receipts and payments in the transactions and performs the operation in a manner that helps to achieve the objectives of the Islamic economies. It is a banking system where operations are based on the Islamic principles where Profit and Loss is a significant matter, ensuring equity and justice in an economy. These banks are also called PLS Banks.

What are the Objectives of Islamic Banks?

The primary objective of Islamic Banks is to foster, promote, and dvelop the application of principles of Islam in the businesses. The objectives of this bank are listed in our Islamic Banking assignment help firm as follows:

• To provide contemporary financial services that conform to Islamic Shariah.
• To ensure equal distribution of income.
• Optimum allocation of financial resources
• To contribute towards economic prosperity and development along with the Islamic justice principles.

Interest-based banking considered a Riba practice in finances is found to be anti-Islamic. It means the transactions of the conventional banks are considered unlawful as per Islamic Shariah.

The foundation of this baking system is that it promotes financial resources investment into projects, which are considered most beneficial and profitable to an economy. Another objective is ensuring equitable income distribution among the parties-the depositors, banks, and entrepreneurs. It is development-oriented compared to traditional banks.

The Features of Islamic Banking

Islamic Banks have distinctive features that are discussed in our Islamic Banking assignment writing help.

• Abolition of interest: Riba is prohibited in Quran as confirmed by Muslim and Fuqaha economists. The first feature is that these banks should be interest-free.
• Adherence to the public interest: Activities of commercial banks are based primarily on the use of public funds and public interest instead of individual and group interest. The Islamic Banks must use all deposits that come from the public to serve the public interest and attaining the socio-economic objectives of Islam. They have an objective-oriented instead of profit-maximizing role.
• Multi-purpose bank: Islamic banks are universal and multi-purpose banks. They are not commercial banks. They are a crossbreed between investment and commercial banks, investment and investment trust. A major part of the financial is related to specific ventures or projects. The equity-oriented investments will not allow them to borrow funds and opt for long-term investments.

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