Islamic banking conforms to the principles of Islamic Law (Shariah) and which doesn’t allow the receiving and paying of interest (riba’). It actively promotes profit sharing.
Can anyone join an Islamic bank?
Yes, it is available for all individuals regardless of their religion.
What’s the difference between conventional and Islamic banking?
Islamic banking prohibits the concept of interest and so instead of lending with interest, they provide financing based on trade.
Do I earn anything at all in the banking process?
Banking profits are shared depending on a predetermined ratio. Hibah (gifts) are given on a discretionary basis.
Can my money be transferred to a conventional bank account?
Yes indeed it can, although of course any ‘interest’ you’d normally associate with bank accounts wouldn’t be added on.

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