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There are a number of key differences between the products and services offered by a conventional bank in comparison to an islamic financial institution.The foundation of islamic bank is based on the islamic faith and must stay within the limits of islamic law or the shariah in all of its actions and deeds.On the other hand, conventional banking is essentially based on the debtor-creditor relationship between the depositors and the bank on one hand, and between the borrowers and the bank on the other. Interest is considered to be the price of credit, reflecting the opportunity cost of money. |
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