Islamic banks vs ‘regular’ (?) banks

Question

I’m from Singapore and we have a significant Muslim population. However, it was only recently that I learnt Islamic banks existed. I was wondering if anyone could explain how they differ from regular banks or is the ‘Islamic’ part sort of a marketing ploy directed at the Islamic community? *Context: the first Islamic bank I encountered was HongLeong Islamic Bank, which has a ‘regular’ (?) counterpart.

In: Economics

Answer 1

Basicly, theres no “interest”. In reality, just its a technical term workaround for banking.