You can choose any private bank for different services in UAE like to execute a savings plan, a personal loan deal, credit card services etc. most of the banks are highly competitive and provide you best offers so that to compensate your expenditures. What’s the actual difference between diverse kinds of banks? This is the most important question which needs to be addressed properly. Suppose you are going to take a loan package regarding a domestic purpose or a commercial purpose, and the bank will decide how much interest rate would be taken on a specific package. The situation would be different if you will approach an Islamic bank. We actually need to take the services of a bank by knowing the structure of services and its working.

In case an investor is trying to approach a bank for an Islamic business account, he/she must have an idea about the outcomes and working of the bank. The reason is that Islamic banking is totally opposite to the conventional banking. The major difference is the interest rate system as we all know that Islamic workings follow the sharia rules in which interest rate is forbidden in a strict manner.

Most of the international investors and traders don’t have any idea about this specific system but believe me this is pretty useful to generate maximum profit. We all just working with an interest rate banking for so long and have made our mind that banking is all about interest rate. You need to get card offers, loan deals, insurance packages or wealth management services, interest rate would need to be paid with actual amount of money. But what if I say that this is not the situation with Islamic banking. You can get Islamic bank credit card without any interest rate. You have to pay only the actual credit amount at the end of every month.

Why Expatriates Should Prefer Islamic Banking?

If you want to save maximum then the only way is to get out of interest rate. This is a trap by the conventional banking system that you put your money and get profit. The actual situation is that you only get the actual amount after a fixed time period and at the end of every deal you only have your own money. In some worst situations, there is a chance that you will get less than your actual assets.