Islamic banking versus conventional banking

Jordan
March 12, 2010 12:07pm CST
nowadays,capitalist system is collapsing..and the Islamic Banking is like "mushrooms after rain". if we realize,all countries is stress about and using it because Islamic Banking is the hero for our banking system.. how about your opinion? i agree 110%..
1 response
@pierone (1895)
• Italy
12 Mar 10
I've already heard about islamic banking, because I saw lot of forex trading sites offers islamic accounts. But really I don't know the difference between the two banking systems. Could you explain me the most important differences? I would be gratefully for that. I guess is always important and good learn new things. Knowledge is power! Thanks in advance :)
• Jordan
12 Mar 10
in conventional system,they working with interest!that's the problem..but in Islamic banking,the cooperation is the main thing to support between the bank and the customers to envelop the profit. as we know,the dollars is just a paper.bank keep produces it without value behind it.actually,every paper money should have value(gold). now the US dollars is excessive in markets and that makes the money becomes nothing at the end. but in Islamic banking,it can't be that way. Islamic banking is the opposite it. and the important things is should never involve in interest.i think it mentioned in bible as well. interest make world in trouble. i suggest we should use the ISLAMIC BANKING. many countries has use it such Britain.and the other is looking forward it. maybe u can read this to make it clearly: http://www.zaharuddin.net/content/view/774/72/ * if have anything wrong in my explanation,i do apologize because i'm not the right person to discuss it with others.i just tell you what i know..anyway enjoy it!
@pierone (1895)
• Italy
14 Mar 10
You mean if I get a loan from an islamic bank, I will not pay the interest, but just need to give back the money I borrowed? If so, islamic banks should be the biggest and more powerful in the world!
• Jordan
14 Mar 10
absolutely yes! the interest like a burden to people.the more we late to pay,the more interest getting higher..if so,until die we have to pay it,right. now,everyone is using Islamic banks.. i suggest to you too..