How to open a bank account in Dubai based on Shariah principles

• Non-Muslims often assume that Islamic banks exist only for Muslims, as it follows the principles of Shariah Law set by the Holy Quran and the teachings of Prophet Muhammad (PBUH).

• Many would be surprised to know that a large number of non-Muslims working in Islamic countries like UAE have migrated towards Islamic banks.

• It is not because they have no other option but because they learned that there are a number of benefits offered by these banks. Major international banks have set up their Islamic wings in the Middle East and now come under the list of Islamic banks in UAE.

Benefits of Islamic Bank• As mentioned earlier, the first benefit is that Islamic banks are

not limited to Muslims only. Non-Muslims are welcomed and treated equally by these banks.

• Since Islamic banks are based on the profit sharing principle, all the risks involved are equally shared by the bank and the customer, making this banking method just and fair for all.

• Some of them also offer Shariah compliant financial planning schemes and experts who can help you plan your finances.

• Islamic banking believes in transparency, investors and account holders benefit from the profit earned by the bank in different sectors. This profit is shared on a pre-decided proportion.

• These banks are ethical and use finances only for good purposes they do not encourage activities like interest, alcohol, gambling etc. that are forbidden in Islam.

• Charity is considered to be one of the five pillars of Islam and many Islamic institutions including banks donate a part of their profit in the form of charity every year.

• You can take help of the internet and choose from the list of Islamic banks in UAE to open a bank account.

• Islamic banks believe in maintaining a transparent relation with their customers, it is often called the modern or sophisticated form of banking.

• A lot of educational institutions across the world including Harvard had established their Islamic Finance Project back in the mid 90’s.

• In 2007, when the whole world faced economic crisis, Islamic banks stood strong and that’s when its power was noticed by everyone.

• With so many perks, migrating to Islamic Banking will only bring fruitful results. Today, Islamic banks exist in various countries of the world. You can visit any of these banks and they will help you on how to open a bank account in UAE based on Shariah principles.