Useful Info about Credit Cards, Home Loans, Ijarah & Murabaha
The bank is one of the most involved organizations with people and it has become almost impossible to work without suing a bank. Originally, the banks started foe the deposits and withdrawal of the money and the modern services of the banks have been enhanced to the level which the pioneers of the banks would have never thought of at all. Now the banks are much more than a place to make a deposit or withdrawal of money. Now the banks are used also famous for credit cards, home loans, business loans and many more services.
The banking is a highly influential and essential organization in the west and it is a compulsory one for the business owners to handle their local as well as international monetary financial transactions. They also prove to be helpful for the young and energetic people who are just preparing to enter into the business arena and need financial support to establish a new business entity. They are helped by the banks in form of loan for starting a new business. So we can say that the banks are helping the entrepreneurs to take one step forward and help them turn their plans in to practical.
There are many more noticeable services of the banks which include the in issuance of the credit cards which provide a helping hand, especially to the people with limited income and salaried employees. Now they can buy their desired things at the time they want by using credit cards without taking loans from any friend or their company, and they can return that money used via their credit card the very next month when they are paid their salary or from any other source of income they have. In the same way, they also work for the people who have plenty of money but it is quite difficult to carry a lot of cash all the time. So this facility of the bank helps them make a payment without carrying a large amount of money with them at the time of making a purchase.
Another creditable service of the banks is home loans. A person with average income figures can only dream to buy a house fro himself and his family, or stays in rental house and keep saving the money for years. When according to his opinion, he has saved enough, the prices of the property soar up and he is left with no choice but to wait and save more money to purchase his dram house. The bank helps such people to turn their dreams into reality by giving them home loans so that they can get what they wish to in this life time.
The credit cards and the home loans are good facilities of the banks, but the basic ideology of the western banks collides with the Islamic banks on account of interest and in Dubai one will find most of the Islamic banks that do have transactions in the same manner but they make them interest-free and the implementation of Ijarah and Murabaha are the steps to make Islamic banking possible and practical.
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