Islamic Bank vs . Typical Banking

 Islamic Bank vs . Conventional Banking Dissertation

Islamic Banking vs . Typical Banking

In most Islamic countries, they tend to practice two types of financing in banking market which are regular and Islamic banking. The nation like in Malaysia has successfully developed a great Islamic financial system that operates in parallel with the standard banking system. There is likeness between conventional banking and Islamic bank which really helps to promote financial growth provided financing software program as credit facilities for people who do buiness activity, home loan, securities, and so forth in order to achieve their same ultimate revenue objectives. Nevertheless , there are also having differences in practicing financial services due to most buyers having their own preferences issues investments and business activities which they may involve in Islamic bank or typical banking. The three main differences between Islamic bank and conventional financial institution are in term of rules and regulations, concept of money financing and products and services. " Malaysia is one of the unique countries which will operate a dual bank system where the Islamic banking system are operating in parallel while using conventional banking system” (Haron & Azmi, 2008, p. 619). Incidentally, Islamic lender has more limitations on rules compared to typical bank. Islamic banking guidelines are exceptional and based upon Islamic Shariah law which in turn to ensure activities are done based on the Islamic Syariah principle (Al-Tamimi, Lafi & Uddin, 2009). According to Investopedia (n. d. ), Shariah is identified as " Islamic religious legislation that affects not only faith based rituals, but aspects of everyday life in Islam”. There are two principal sources of Shariah law: the precepts set forth in the Quran, and the example set by the Islamic prophet Muhammad in the Sunnah. Shariah is viewed by Islamic judges with varying duties for the religious market leaders. In other palm, conventional banking institutions activities will be conducted by referring to rules set simply by central financial institution...


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