Islam has a specialized way of banking that is much different from the traditional or conventional banks. And since interest is frowned upon in the religion and other rules have also been set with regards to different aspects, the way an Islamic bank would operate would be so much more distinctive than the others. This has also led to many benefits one could gain by using such services offered by these institutions and here are some of them.
Playing it safe
Every Muslim believes in having to face a judgement for all their actions done in this world. And since Islam considers taking interest to be one of the grave crimes, using the services of islamic banking would surely safeguard him from whatever repercussions he would have to face after death. And this is practically one of the biggest advantages any Muslim would be more than glad to earn.
Bank the halal way
Like mentioned previously it is because the traditional or conventional banks that offer interest that a majority of the Muslims avoid banking in the first place. This is the same even when it comes to insurance as well. However, by setting up such institutions that specifically cater towards Muslims abiding the Sharia law, financing and even Islamic loans Australia could be obtained without any hesitations. And so it allows the Muslim community to not be isolated from the financing world!
When it comes to finances that are obtained from such Islamic institutions, there is always fairness that is maintained. If one is investing on a project then he or she should not only look at earning profits, but also be willing to share losses as well, only then is it fair. However, the conventional banks do not look at in this aspect. And so losses are primarily borne by the entrepreneur himself.
No involvement in those that are harmful
When it comes to the investments that are made by the bank in order to earn a gain, those aspects that have been prohibited in the religion are also taken in to account. And so, the investment on alcohol, casinos, tobacco, pornography and such are restricted regardless of their legality in the considering country.
Ethics are something that people may choose to follow and avoid when they feel they could benefit from a situation. However, since these institutions are primarily based on the Sharia law, the maintenance of ethics is always ensured. So if you are looking at to deal with things the right way, then you know where to visit!
Consider the above benefits and be a part of this industry or service to enjoy them yourself!