Consequently, Al Rayan Bank’s facts offer consumers the quality regulatory consumer defense
Islamic money Frequently asked questions
Islamic financial was similar to the principles from Sharia. A switch foundation is the fact they operates versus notice, that’s not allowed when you look at the Islam, once the currency itself is not said to be a product at which you might profit.
This new Islamic bank system uses genuine trade activities supported having genuine possessions. Consequently Islamic finance companies, such as Al Rayan Lender, do not conduct business until he has got a secured item to let the transaction become carried out.
How can we make it easier to?
Islamic banking institutions also are maybe not permitted to fool around with financial products that are based on speculation, which establish a premier element of exposure to a financial, together with possessions and you may dumps of the customers. By following so it resource-recognized method, Al Rayan Financial, and you may Islamic banking overall, isn’t confronted by the same dangers because old-fashioned banking companies. Due to this fact this new Islamic finance business proved to be an enthusiastic ethical and you can resilient replacement for traditional banking pursuing the recent economic drama payday loans Green City.
Al Rayan Lender offers coverage and you can balance to help you their users since it is part of more substantial Islamic bank called Masraf Al Rayan (MAR). Thus giving Al Rayan Financial financial stability in addition to availability so you can solutions and knowledge to carry on developing its set of Sharia compliant retail borrowing products.
Additionally, while the a beneficial Uk bank, Al Rayan Financial try authorised of the Prudential Regulated Authority (PRA) and you can managed by Financial Carry out Expert in addition to PRA, and therefore it will fulfill the Uk financial regulations. (suite…)
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