Islamic banking is referred as free of interest banking. Islamic banking system is depending on principles of Islam and Sharia law or guided by Islamic economics. If you study about Islamic banking you will find fundamental principles that are only two in numbers and the explanation of the fundamentals are prohibition of interest collection and payment for investors and lenders and profit/loss should be shared. Interest (Riba) is strictly prohibited in Islam.
Islamic banking is based upon Islamic principles, Sharia and guided by Sharia complied bankers. In Islamic banking is also not allowed to take any share of profit and loss in businesses that are involved in gambling, alcohol, pork meat and many forbidden items. At every step of investment Islam is providing you the right path for your money to be invested and you will be the owner of the profit and loss for a particular business. Now these days, Islamic banking is growing and many of the non-Muslims are also attracted with the rules and regulation of Holy Religion “The Islam”. Growth of Islamic banking sector has reached to more than 300 banks all over the world.
Sharia law is based upon Holy book “The Quran” and “The Hadith” including the actions of the Holy Prophet Muhammad. When there is confusion of understanding and more guidance is necessary, learned scholars are available to clarify the matter and provide you the right path. Bankers responsible for any miss guidance while dealing the customer and on the day of the Judgment he/she will be asked about it (as per Islamic point of view that after death there is another life and what we have done in our entire life we have to answer about it in front of one and only true God (Allah).
Islamic bankers are strictly prohibited to hide any information which is not in favor of customer and in conventional banking there is not such kind of bounding is available for the bankers and there are many of the hidden thing are involved when a customer takes loan. All risk is concerned to the customer and customer has liability to pay off the loan amount including interest amount as much period of loan amount is longer than customer has to pay more interest on the principle due to compounding of interest.
Hejaz Financial Services is a single stop for your investment and hopefully you will get return in a good profit but you have to agree to loss as well (if any). You are able to get any from our services like Islamic Super, Islamic Investments, Islamic investment funds Australia we are experienced in every field of Islamic Financial Services.