The difference between Islamic and commercial banks

1/9/2015 0:00

BAGHDAD - Imad Emirate
D academic said. Abdul Zahra al-Faisal from the Faculty of Management and Economics at the University of Mustansiriya: Islamic banks exercised all operations carried out by commercial banks with the exception of operations that do not comply with the provisions of Islamic and said the law, that among these activities operations (speculation) a contract of employment between the bank as a financier called (speculative) and the owner of the project, which is called the Palmtahd incompatible to each share of the profits where left to the entrepreneur's freedom to work without interference speculator who bears the loss alone on the grounds that he would lose his mental and muscle and so the two sides are equal.

The second operation is a way (to participate), a contract financing between the project owner as apply for the necessary funds to create or legitimate operation with the Islamic Bank, which contributes alone or with other partners in the process of saving money and be for all parties, then the right to participate in the management and supervision of the project as the insurance Lay them the right to abandon this task, and the profits are distributed among the partners according to the rates agreed upon by either the loss Vetozaaha everyone according to their contribution to the capital, he added d. Abdul-Zahra that the third processes are style (Murabaha), where the Islamic Bank allows himself to purchase a particular commodity consumer or productivity or service for the benefit of a particular work shall undertake to pay for the goods with a margin of profit to the order specified, and the bank allows the client to pay what his trust in installments agreed upon between the two parties, and the fourth processes are the style of the holiday, as it can to the bank that owns buildings or machines or equipment lease to beneficiaries in exchange for wage specified or against payment of the beneficiary equal installments shall be deposited in a savings account authorizes the bank dispose of its assets to stretch out a mutually agreed, and when it is pay equal installments shall be deposited in a savings account authorizes the bank dispose of its assets to stretch out a mutually agreed, and when the premiums are paid in full and the end of the lease period the ownership of the eye turn out to be the beneficiary of this decade and called for (Ijara Bittamleek)

He d. Abdul-Zahra, the fifth is the style of operations (loan-Hasan), a financial facilities granted by the Islamic Bank free of charge to eligible needy people to enable them and rehabilitate physically and psychologically. Recent operations are (currency exchange) and practiced according to two conditions are that the sale be immediately and trading, majority of scholars have gone to that the bank is corrupt, if they are not in it (the same sitting), who were divided in to be from him to the illuminated (first) believed that the arrest is the exchange Alawwadan If the exchange be delayed immediately about it even if they do not get separated from the contract Contracting Council true. The other thing is captured right if the same sitting before the turn away from the Council of the contract, whether immediately or after a while.