Islamic money Faqs

Islamic financial was consistent with the prices out-of Sharia. A switch factor would be the fact it works instead of interest, that isn’t let inside Islam, due to the fact currency in itself isn’t reported to be a commodity at which you could potentially money.

The newest Islamic banking system spends actual trading facts backed having actual assets. As a result Islamic finance companies, particularly Al Rayan Bank, don’t conduct business unless he’s got a valuable asset so that your order to be carried out.

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Islamic banks also are perhaps not allowed to use economic products you to definitely are derived from speculation, which present a high part of chance so you’re able to a bank, and assets and you will places of its users. By following which resource-recognized means, Al Rayan Bank, and you may Islamic banking total, is not exposed to a comparable threats as the antique financial institutions. Due to this fact the fresh Islamic funds industry became an ethical and long lasting alternative to traditional banking following latest financial drama.

Al Rayan Bank offers shelter and you may stability in order to its customers because it is part of a much bigger Islamic financial called Masraf Al Rayan (MAR). This gives Al Rayan Bank monetary balances and additionally accessibility so you can possibilities and you will training to continue developing their set of Sharia compliant shopping financial products.

Furthermore, just like the a United kingdom lender, Al Rayan Bank are authorised by Prudential Regulated Power (PRA) and you will managed from the Economic Conduct Authority while the PRA, which means that it will see the British banking statutes. Read More