In UAE, an Islamic loan which has become a needful and easy process is available in various Islamic and Conventional banks in Dubai, Abu Dhabi, Sharjah, and all over UAE. Islamic banking activity that is permanent with the principles of Islamic law that is Islamic law and its application through the development of the Islamic economics. As such, a more correct term for Islamic banking is sharia which is compliant finance. Islamic law always prohibits acceptance of a specific interest or fees for loans of money which is commonly known usury, though the payment is either fixed or floating.

Investment in businesses that provides goods are considered opposite to Islamic principles for example pork or alcohol is sinful and prohibited. Although these prohibitions have been applied historically in all degrees in the Muslim countries and communities to prevent bad practices, only in the 20th century were a number of Islamic banks which formed to apply these principles whether it is private or a semi private commercial institutions. From the year 2014, the path of Islamic law almost represented approx 1% of total assets in the world by the year 2009, there was over 300 banks and 250 mutual funds around the world that was complying with the Islamic principles, and from 2014 total assets of around $2 trillion was of Islamic law compliant.

Although Islamic Banking is still making up only a fraction of the banking assets of the Muslims, it been growing faster than the banking assets taken as a whole, growing at an annual rate, and is projected to grow by an average of 19.7% by the end of the year 2018.
These loans are body of Islamic law Financial Solution and these types of banks and their Islamic finance products are governed by independent Islamic law Supervisory Boards, that gives customers a peace of mind that the product or services they are using for their financial needs is completely permissible, and compliant to the Islamic law principles. In fact, a better term to name the Islamic Finance is the path of Islamic law that is Islamic law.

Let’s know How to Apply for Islamic Loan?

There are various banks in UAE where you can apply and check which one suits you requirement. MONEYDILA offers you with the exceptional service where we do all the hard work for our customers and make things easy for you so that you can get the best available Islamic Banks in Dubai without much trouble. You just simply have to explore our websites page, and the concerned Islamic Bank you choose for your need will get in touch with you with ease so that you can discuss the available options based on your specific requirements.