Interest-free Banking
What is Interest-free Banking?
It is an alternative banking business that provides the service adherence to sharia rules and principles. Mainly, it bans both receiving and paying interest. As per NBE directive the business defines as a banking business in which mobilizing or advancing funds is undertaken in a manner consistent with Islamic law or Sharia principles.
IFB products and services
Wadiah Saving Account​
- It is appropriate for consumers who desire to set aside money for needs or objectives like retirement, education, or travel.
Wadiah Current account​
- Customers who have this kind of account are able to do banking operations using a checkbook
Mudarabah Investment Account
- It is a partnership where the customer provides the funds and the bank provides the expertise and management for the investment.
IFB Financing Products
- Interest-free banking financing products are financial services that comply with the principles of Islamic law, such as avoiding interest, uncertainty, and gambling.
Kafalah /Guarantee/
- A letter of guarantee facility is a bank's promise to pay the beneficiary if the obligor does not fulfill the contract terms.