Similarities and difference between islamic banking and conventional banking?

In: Business and Finance

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There are two major difference between Islamic Banking and Conventional Banking:
1. Conventional banking practices are concerned with "elimination of
risk" where as Islamic banks "bear the risk" when involve in any
transaction.
2. When Conventional banks involve in transaction with consumer they
do not take the liability only get the benefit from consumer in form of
interest whereas Islamic banks bear all the liability when involve in
transaction with consumer. Getting out any benefit without bearing its
liability is declared Haram in Islam.

First answer by ID3397226305. Last edit by ID3397226305. Question popularity: 24 [recommend question]

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