Islamic Banking FAQ

1. What is Islamic Banking?
2. What are the basic principles of Islamic banking?
3. What are the benefits of Islamic Banking?
4. What is the difference between conventional banking and Islamic banking?
5. What is the purpose of Amana Bank providing Islamic Banking services?
6. Apart from you, are there other full-fledged Islamic Banks?
7. Do we really need Islamic Banking?
8. Is Islamic banking meant only for Muslims?
9. What is meant by Riba?
10. Why Riba prohibited in Islam?
11. Is Riba prohibited in Islam only?
12. Is there a difference between Riba and interest/usury?
13. Does interest relate only to consumption loans or it applies to commercial loans also?
14. What is the difference between interest and trade profit?
15. If Islamic banks do not invest in interest based activities then how do they generate profit to pay to their customers?
16. Are Islamic banks just paying interest and dressing it as profit on trade and Investments?
17. Is it permissible to charge a fee for any late or partial payments? If so, is this acceptable under the Sharia?