2 reasons to choose an Islamic bank

You can move right or left, back or front and you can also take a turn sometimes. These are the only options, you can adopt for a movement. Similarly, if you are in Dubai, first you must have to adopt the banking sector through an official current or a savings account. You don’t have any other options because it’s a must thing and none can even think to move for any task without having an account on his/her name. What are the options considering banking services for expatriates, is a frequent question asked many readers. Today this is our topic and now we will share outlines as:
  • Two parallel banking systems
  • Which banking system is best for an expat in UAE?
  • What majority of the expatriates prefer while considering a bank?
As we have discussed earlier that there are two parallel banking systems running in UAE and we will not go into detail. Just for your ease, one is a traditional baking system that is used for conventional and commercial banking tasks following interest rate. While on the other hand, the Islamic banking system works on sharia funds following the interest-free system.
The Islamic banking system due to interest-free banking services is easy to afford and seen as a splendid future due to the involvement of a large number of account holders. This system is equally popular among expatriates as well and people are always interested in all initiatives taken under this system. This clear inclination of the general population towards Islamic banking is proof of its popularity in the region.

What are the actual reasons behind its extensive level of popularity in the UAE are:

1. Interest-free system

Suppose someone is residing in UAE and paying rent for every month which is a big amount if you look at and most of the expatriates are doing so. With an interest-free loan opportunity through an Islamic bank, one can plan his/her own home or a property in UAE on easy installments. Unlike rent which will give you nothing at the end of your agreement, a home loan package without an interest rate through Islamic banking services can facilitate you with bets future planning. This is the most amazing and affordable opportunity and we will recommend all expatriates to avail it without wasting a single minute.

2. Investment plan

You can get into a small-sized business unit through an Islamic investment plan with the help of the Islamic banking system. They can guide you with the best investment areas where better chances would be available to get profit. As we can see that most of the conventional banks provide you guidance on maximum charges, Islamic banks share the same space with a client on equal grounds.

Conclusion

Either you want to take an Islamic banking option or any other bank, try to grab the services which are according to your requirement. if you want to approach a bank with a two way combination then Mashreq bank would be the best option.
Location: Saudi Arabia

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