Products and Services
What is Shariah based Ethical Banking?
Shariah-based ethical banking, as embraced by FoneBank, represents a financial system that adheres not only to federal laws, state laws, and regulatory requirements but also aligns with the principles outlined in Shariah law. Shariah serves as a comprehensive filtering system, ensuring that the bank's operations are not only legally compliant but also ethically sound, with a focus on the welfare of humanity, society, and the state.
Here’s a breakdown of how Shariah-based ethical banking works at FoneBank:
- Legal Compliance: FoneBank diligently follows all federal laws, state laws, and regulatory requirements, ensuring that every aspect of its operations is in strict adherence to the legal framework set by authorities. This commitment to compliance forms the foundation of the bank’s operations.
- Shariah Law Integration: Shariah law, a set of principles derived from Islamic teachings, serves as an additional layer of scrutiny for FoneBank. After covering all regulatory compliance, Shariah law becomes a guiding force in shaping the ethical dimensions of the bank’s activities.
- Welfare Focus: Shariah goes beyond mere compliance; it actively seeks the welfare of humanity, society, and the state. FoneBank, in alignment with Shariah principles, prioritizes the well-being of its customers, the community, and the nation at large.
- Elimination of Harmful Elements: Shariah takes a proactive stance in eliminating elements that may be permitted by regulators but are deemed harmful to humanity, society, and the state. This includes practices such as charging interest, engaging in gambling activities, and the presence of ambiguity in contracts.
- Interest-Free Banking: FoneBank, following Shariah principles, operates on an interest-free basis, ensuring that financial transactions are conducted without the burden of interest. This promotes financial inclusivity and fairness.
- Avoidance of Gambling: Gambling activities, known for their social and economic harms, are strictly avoided by FoneBank. This commitment aligns with Shariah’s stance on promoting responsible and ethical financial practices.
- Clarity in Contracts: Ambiguity in contracts is eliminated, providing transparency and clear terms for all financial dealings. This ensures that customers are well-informed and protected in their interactions with FoneBank.
In summary, Shariah-based ethical banking at FoneBank goes beyond legal requirements, incorporating a holistic approach that not only ensures compliance with regulations but also actively contributes to the betterment of individuals, communities, and the broader society, guided by the principles of Shariah law.
Deposit Products
Financial institutions are organizations that facilitate financial products and services to service seekers and facilitate the circulation of money within the economy. The primary goal of these institutions is to work as financial intermediaries between savers to collect their surplus funds and borrowers to finance them to fulfill their deficit financial demand. Deposit mobilization is a process to serve the savers group, where financial institutions attract and collect funds from individuals, businesses, and other entities and encourage them to deposit their money into various types of accounts to facilitate the borrowers group. Deposit is considered the blood of banks and financial institutions as it helps them to run their operations and expand their lending activities to make a profit. It is a pivotal element of the banking business, and the success of deposit mobilization can have a significant impact on the financial institution's profitability and stability.
The ways and processes of conventional and Islamic deposit mobilization are not the same. There is a huge difference between the two. The conventional banking system collects interest-based deposits whereas the Islamic banking system collects deposits following the Islamic Shari’ah. We shall depict an overall picturesque for Islamic deposit mobilization.
In the process of Sharia-compliant savings, there is a contract between the bank and the customer. This contract serves as a written agreement containing both parties' rights and obligations. The contracts for mobilizing deposits may be classified mainly into the following forms;
- Al-Wadiah
- Mudarabah
- Qard
- Waqf
- Wakalah
Investment Products
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Financial Products
Businesses A Guide To Attracting Clients To Your Agency, Amazon, Walmart or General Motors. The heart of USA, however, remains the small business. Small businesses in your city may include accounting firms, restaurants, local shops, and more. Conduct market research. Market research will tell you if there's an opportunity to turn your idea into a successful business
Services
Businesses A Guide To Attracting Clients To Your Agency, Amazon, Walmart or General Motors. The heart of USA, however, remains the small business. Small businesses in your city may include accounting firms, restaurants, local shops, and more. Conduct market research. Market research will tell you if there's an opportunity to turn your idea into a successful business