Islamic Banking & Finance
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New answer posted
3 months ago
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Akansha Bisht
Contributor-Level 10
Yes, you can pursue a variety of Islamic Banking & Finance courses without having Commerce subjects in your Class 12. The only subject mandatory for any Islamic Banking course is English. However, you won't be eligible to enrol for BCom in Islamic Banking & Finance, as it comes specifically under the Commerce stream.
New answer posted
3 months ago
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Akansha Bisht
Contributor-Level 10
Islamic Banking & Finance courses in India are available at various levels like UG, PG, Diploma and Certification. So, the eligibility criteria for these courses also vary depending on the level and individual college's requirements. However, the minimum condition you'll need to fulfil is to pass Class 12 from any stream with English subjects from a recognized board.
New answer posted
3 months ago
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Akansha Bisht
Contributor-Level 10
No, there's no college offering Islamic Finance courses free in India. However, the average course fee ranges from INR 3,150 and goes up to INR 5.2 Lakh. So, you can explore some affordable college options that fit the best for you.
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3 months ago
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Akansha Bisht
Contributor-Level 10
Here are the major principles of Islamic Banking & finance: Profit and Loss Sharing: It is one of the key principles of Islamic finance, where the partners will share their profit and loss according to the part they play in the business. There will be no guarantee on the rate of the returns that the Muslims will play the part of a partner and not a creditor.Shared Risk: In economic transactions, risk sharing is promoted by Islamic banking. When two or more parties share the risk, which is based on the principles of Islamic banking, the burden of the risk will be divided and reduced among the parties. Gharar: According to Islamic f
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New answer posted
3 months ago
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Akansha Bisht
Contributor-Level 10
Islamic banking, also referred to as Islamic finance or Shariah-compliant finance, refers to financial activities that adhere to Shariah (Islamic law). Two fundamental principles of Islamic banking are the sharing of profit and loss and the prohibition of the collection and payment of interest by lenders and investors.
New answer posted
3 months ago
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Akansha Bisht
Contributor-Level 10
To earn money without the typical practice of charging interest, Islamic banks use equity participation systems, which are similar to profit sharing. Equity participation means if a bank lends money to a business, the business will pay back the loan without interest and instead give the bank a share in its profits. If the business defaults or doesn't earn a profit, then the bank also doesn't get paid.
New answer posted
3 months ago
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Akansha Bisht
Contributor-Level 10
The core principles of Islamic Banking and Finance include not paying or charging interest, not investing in a business that involves prohibited goods and activities according to the Quran, and risk or uncertainty and speculation.
New answer posted
3 months ago
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Akansha Bisht
Contributor-Level 10
The major difference between Islamic banking and conventional banking system is that the Islamic banking system prohibits speculation (maisir) and usury or interest (riba). Islamic banking system does not function when it involves any investments for items or substances that are forbidden in the Quran—including alcohol, gambling, pork, etc.
New answer posted
3 months ago
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Akansha Bisht
Contributor-Level 10
Students can opt for jobs such as Accountant, Branch Manager, Bank Clerk, Probationary Officer, Investment Banker, Financial Consultant, etc. in various Islamic banking and financial institutions after pursuing the Islamic Banking and Finance course.
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3 months ago
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Akansha Bisht
Contributor-Level 10
The students must possess skills such as good communication skills, adaptability, problem-solving, numeracy skills, investigative nature, tenacity, integrity, attention to detail, etc. to pursue Islamic Banking and Finance courses.
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