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Green Signal for financial institution based on Islamic Banking
in General Discussions
An interest less banking!Is it thinkable in current scenario?
Islamic banking put forward such an idea.
http://www.mathrubhumi.com/english/story.php?id=104282
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http://abidareacode.blogspot.com
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    The depositors in such banks will not get interest but share in profits. But interest is also paid out of profits only. This is only a difference in name. The depositor gets return in Islamic banking as well. This is like shareholders in companies getting dividend on their share holding.

    G. K. Ajmani Tax consultant
    http://gkajmani-mystraythoughts.blogspot.com/

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    gulshan kumar ajmani wrote:
    [quote]The depositors in such banks will not get interest but share in profits. But interest is also paid out of profits only. This is only a difference in name. The depositor gets return in Islamic banking as well. This is like shareholders in companies getting dividend on their share holding.[/quote]

    You are saying about investments only.As per Islamic banking the loan also will not have interest!
    Visit my blogs:

    http://abidareacode.blogspot.com
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    Abid Areacode wrote:
    [quote]gulshan kumar ajmani wrote:
    [quote]The depositors in such banks will not get interest but share in profits. But interest is also paid out of profits only. This is only a difference in name. The depositor gets return in Islamic banking as well. This is like shareholders in companies getting dividend on their share holding.[/quote]

    You are saying about investments only.As per Islamic banking the loan also will not have interest![/quote]

    Islamic banking concept is not so clear. I request for giving more details or better write an article on this.

    G. K. Ajmani Tax consultant
    http://gkajmani-mystraythoughts.blogspot.com/

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    I too fail to understand this so-called concept! Banking is all about accepting deposits and put these to economically gainful investment avenues in the form of loans the interst of which forms the substantial part of any banking company.
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    So I will try to put an article on Islamic banking as it is mis interpretted by many firms.
    Visit my blogs:

    http://abidareacode.blogspot.com
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