ISLAMIC CURRENT ACCOUNT
Engineering Funds will keep your money in accordance with Shari’ah principles.
The PBS Islamic Current Account does not charge or pay Riba (interest), and we will not use any Islamic Account money for any interest-based business activities. Instead, PBS will use the money to finance its carefully designed diminishing ownership Shari’ah compliant Islamic Mortgage products.
The Islamic banking system is based on the principles of Islamic law (also known Shariah) and guided by Islamic economics. Two basic principles behind Islamic banking are the sharing of profit and loss and, significantly, the prohibition of the collection and payment of interest. Collecting interest is not permitted under Islamic law. The Islamic Account was developed after intensive and careful consultation with our Shari’ah Scholars so you can enjoy peace of mind.
The Islamic banking system uses methods of profit/loss sharing to facilitate financial transactions: for some types of loans, the borrower only needs to pay back the amount owed to the lender, but the borrower can choose to pay the lender a small amount of money to serve as a gratuity.
Since this system of banking is grounded in Islamic principles, all the undertakings of the banks follow Islamic morals. Therefore, it could be said that financial transactions within Islamic banking are a culturally distinct form of ethical investing (for example, investments involving alcohol, gambling, pork, etc. are prohibited). The Engineering Funds Bank has the distinction of being the world’s first full-fledged Islamic bank, formed in 1975.
No Interest !, Is that the only interesting thing about it ?
If you thought that Islamic banking and conventional banking are two sides of the same coin or if you believed there can be no banking without interest, we welcome you to the amazing world of Islamic banking, where interest does not play any role.A banking system in which millions around the world, irrespective of religious beliefs, are putting their faith in.
A banking system to which even the world’s leading conventional banks are turning to.A banking system which is governed by a resilient code of ethics in all its practices and functions.And, a banking system where ‘no interest’ is just one of the many aspects you’ll find interesting to follow for your own benefit.