When it comes to selecting the right bank, all you must do is look into the track record. This will really make a good amount of difference. Some people opt for things like how much the company or bank is popular. But rather than that you should see to it how the bank works. If the bank has good processes and the perfect ideology then perhaps that would be the right selection. In islamic banks uae you will find that they are based on ethics and good work and this is what makes them quite special.
The reason why Islamic banks are quite different than the conventional banking systems
- The very first reason that makes these banks different from the traditional or conventional banks is because the depositor is compared directly to share holder. Thus rather than getting the fixed rates of interest, the bank gives the profit share depending upon the bank’s performance. This is something different as compared to traditional banking.
- One more thing special about islamic banks uae even though you get the share of profit, you are not liable for loss on current accounts or savings accounts.
- Also, when these banks give you credit cards they first review as to what physical asset you have and what is the value of the same. Only after they are sure about the assets and a good valuation that you may have these banks would give the credit limit.
In contrast to this, the normal conventional banks just give away the credit cards without reviewing the situation and the financial condition of the person. In that case, there would be debt and this can lead too many issues in future. If you are here then you must just find out as to what are the other facilities that you will find.
The staff at these banks
You will see that these banks are loaded with professionalism and thus when you approach them you will find the perfect business environment therein. The staff available at these banks would be quite humble and hospitable. This is the difference between the normal banks at banks at this mentioned place.
What is the income of these banks?
Since there is no rate of interest, you will see that the only income for the banks is the bank charges. Also, in order to earn well the bank has to do good business. If the bank performs well then the benefit would go to the customers as well. UAE is an amazing place and you will really love it. If you are here for sometime and want services of the bank then you can approach the same and find out what all terms and conditions you need to fulfill and at the same time you should find out as to what all formalities you need to finish. If you get an idea about all these things then you will be able to take the final decision. It is always better to get an idea about the basic ethics of banking that these countries would follow.