Islamic Banks Dubai

Islamic banks are considered of course normal in the Islamic world and apart from the differences between "normal" and Islamic banking the procedures is very similar, yet Islamic banks can't act without the consent of the Islamic board of Sharia -Banking professionals. There are several Islamic banks in Dubai and also most banks, even the international branches have specifically made their Islamic banking unit for banking in the Middle East as there are many businessmen who keep their accounts in Islamic banks.



There are several differences between the operation of the "Western system" and Islamic banks in Dubai. The Islamic banking are built on the sharing of both loss and profit between the bank and the account holder. The main differences lie in the main banking system, which in the Islamic Banking system; it can only operate with granting or deducting of no interests, which are called Riba. Instead, Islamic banking system applies diverse fees and extra amounts, in order to use them as a replacement system instead of the "Western" banking system. Although the seeds of Islamic Banking were in the ground from the birth of the Islamic faith, the Islamic banking only become relevant in the beginning of the seventies, when the Islamic movement has persuaded fellow Muslim states to set up the Islamic banking system.

The first pioneering states in this regard were definitely Pakistan that has deeply supported the starting of Islamic banks of its territory also for political reason and in Egypt, which is long known being the cultural centre of the Muslim religion. As for the United Arab Emirates, the first and main Islamic banks of the country include:

* Abu Dhabi Islamic Bank ADIB
* Al Hilal Islamic Bank
* Ajman Islamic Bank
* Dubai Bank
* Dubai Islamic Bank DIB
* Emirates Islamic Bank
* Noor Islamic Bank
* Sharjah Islamic Bank SIB

These enlisted banks include only those banks which do not operate any other sorts of banking methods but Islamic in Dubai and all over the United Arab Emirates. It is also necessary to add, that all the other Dubai, Middle Eastern and International banks have their own Islamic Banking unit, considering the high need for the Islamic services. Therefore, you will fine practically not many investment or commercial banks without their Islamic banking units and Islamic style accounts and savings systems.

The Islamic banking system was really a revolution in the Islamic world which has created a huge web all around the world, with most Islamic banks having their capital partly in the United Kingdom or at one of the UKs tax free islands perfect for offshore businesses and tax free operations, such as the Jersey or Channel Islands or the Man Islands. The system also includes Gibraltar.

There is no such rule, that non-Islamic should not apply for a bank account at an Islamic bank. However, the Islamic banks supervise every single person and company. If the company's projects are considered not allowed by Islamic faith, then they cannot open account at any Islamic bank in Dubai or elsewhere. Dubai has become one large hub of all different sorts of banks, most of which are located in the Dubai Financial Centre or on the Bank Street.


Banks of Dubai:
Abu Dhabi Islamic Bank, Arab Bank Dubai, Bank of America Dubai, Bank of Baroda Dubai, Barclays Bank Dubai, Citibank Dubai, Commercial Bank of Dubai, Deutsche Bank Dubai, Dubai Islamic Bank, Emirates NBD, First Gulf Bank, Habib Bank Dubai, HDFC Bank Dubai, HSBC Bank Dubai, Mashreq Bank Dubai, Noor Islamic Bank, RAK Bank Dubai, Samba Bank Dubai, SBI Bank Dubai, Standard Chartered Bank, Union Bank of India

Dubai Banking:
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