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
Islamic banks follow sharia law.
IIRC there are no interests on loans. And the bank can’t invest in non-sharia ventures.
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