Benefits Of Islamic Banking In Nigeria

  A banking system is a crucial component for any developing financial system and economy, an appropriate system of Banking is important in creating a proficient society. Banks help apportion saver’s funds to borrowers effectively and give out concentrated financial services. A major source of income for the conventional banking system is the difference in the rate of interest rates paid to depositors and the rate lent to individuals and businesses. Islamic/unconventional banking is a banking system that is steered by the principles of Shariah (Islamic law) and guided by Islamic economics. Financial transactions based on Islamic principles are different from conventional and or commercial transactions. For example, investments based on interest, alcohol, pork, gambling and […]

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