Islamic business account is referred to as a business account that is a shariah-compliant business account. The sharing of profit and loss and the restriction on receiving and paying interest by lenders and borrowers are two basic concepts of Islamic banking.
Islamic business accounts prospers from participation in equities, forcing the creditor to give the bank a stake in its income instead of paying interest. Some traditional banks have portals or parts providing their clients with designated Islamic banking facilities.
Islamic Business Account Features
There are several different features offered by the Islamic business account. These features are different from conventional banking in many ways.
interest – free Account
Islamic business accounts are interest-free. This ensures that lenders and creditors are prohibited from charging or paying interest or riba on an economic basis. Banks that conform with Sharia law don’t grant loans based on interest.
In addition to the lack of interest rates, risk-sharing among parties in all activities is the main word of Islamic financial practice.
Products Offered By Islamic Business Account
Here are some of the shariah-compliant products offered by the Islamic business account to its customers.
Murabaha is an Islamic lending structure also known as cost- finance, in which the buyers and sellers agreed to the expense and mark-up of the product. Murabaha then is an appropriate method of credit sales, rather than an interest-bearing loan (qardh ribawi).
Ijarah is a Fund management concept of fiqh and commodity. In conventional fiqh this means the arrangement, usually for a set period of time and expense, for recruitment, or rental of facilities or “usufruct” of a land.
Mudarabah is the relationship or trust funding arrangement, where one partner (arb-ul-mal or “silent partner”/financier) gives money for investment in a business project for another group (mudarib or “working partner”).
Sukuk is a financial bond, also referred to as sharia securities. Sukuk is described by AAOIFI as ‘equal designated security reflecting the possession of personal interests in a current or future qualifying investment strategy.
Online Bank Account Opening in UAE
Many banks in UAE offer online banking with shariah compliance. Mashreq bank aims to provide its customers with satisfactory online services.
Mashreq online bank account opening in UAE is a smooth process. Customers can open their online account effortlessly.
Mashreq Online Bank Account Opening in UAE
Mashreq bank serves many benefits to its customers. The current account, Mudaraba saving accounts, and easy saver accounts allow customers to enjoy services online bank accounts.
Benefits Offered By Mashreq Bank
- User-friendly and quick process
- International ATM withdrawals
- Free Mobile Services
- Fund TRansfer Online
- Account opening for expats
Mashreq bank offers an easy path to open online accounts. Download the form and fill it accordingly. After submitting the application you will receive log-in details on the given number and email. The minimum age limit required for the account opening is 21 years with a monthly income of AED 5000. With valid passports and documents, expats can also open their online account.
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