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HBZ Bank Limited proudly offers purely Shari’ah Compliant Islamic Banking products and services through an exclusive Islamic Banking Branch.
There is nothing mysterious about Islamic Banking, nor is there any real differentiation in the products and services that our Islamic Branch offers when compared to our traditional products. You'll still be able to open a savings, fixed deposit or current account and have access to business, equipment, vehicle and property financing at very competitive rates.
The only thing that really sets Islamic Banking apart from conventional banking is an adherence to the principles of Shari’ah, which in simple terms means our Islamic Branch is not allowed to charge or pay interest on financing or deposits, or transact in investments or businesses involving alcohol, gambling or other Islamically unacceptable activities.
Brief theoretical comparison of conventional and Islamic Banking
Conventional Banking
Islamic Banking
• Based on Interest
• Based on profit or rent
• Deals in money or paper
• Deals in assets
• Based on a fixed return for both deposits and lending
• Based on profit sharing or dividend for deposits and on profit or markup for lending
• Does not involve itself in trade and business
• Actively participates in trade and production
Islamic Banking is available to any persons or businesses that wish to make us of interest free banking. We welcome customers regardless of their religious beliefs.
Our Islamic Banking division is under the guidance of our Shari’ah Advisor. All documents have been reviewed and certified by the Darul Uloom Zakariyya as being in compliance with Shari’ah Laws and meet the requirements of Islamic Finance.
Should you have further questions regarding our Islamic Banking division please contact our Islamic Branch.