Islamic Banking: Frequently Asked Questions...
Question 1: Why Islamic Banking ?
Question 2: What is Sharia’ ?
Question 3: What is the difference between Islamic Banking and Conventional
Question 4: HBZ Bank Limited is a conventional bank how can “SIRAT” be
Islamic then, while being the part of the same bank? With launch of SIRAT what
is different now?
Question 5: How does HBZ ensure that the banking operations are as per Islamic
Sharia’ requirements ?
Question 6: What does Riba mean?
Question 7: Are Islamic banking products & services restricted to only Muslims ?
Question 8: What are the benefits of maintaining account with SIRAT?
Question 9: What are the basic principles of Islamic banking?
Question 10: Islamic banking looks the same as conventional banking, how can they claim to be different ?
Question 11: What Islamic products HBZ is offering to Customers ?
Question 12: What Currencies does HBZ Islamic banking deal in for deposit
Question 13: Where can I avail SIRAT services in South Africa?
Question 14: What businesses that are not allowed to open account ?
Question 15: Can Islamic deposits be used for conventional assets ?
Question 16: What is Murabaha ?
Question 17: What are the basic rules of a valid Murabaha transaction?
Question 18: Are the Goods purchased by customer through Murabaha insured by the Bank ?
Question 19: Is it mandatory for the seller in Murabaha to disclose profit ?
Question 20: How Murabaha profit is calculated ?
Question 21: What is Diminishing Musharakah(DM) ?
Question 22: Under DM Finance, who will be the owner of the property ?
Question 23: Islamic banks use interest base system (Prime) as a benchmark while determining profit; how Islamic banking can be said to be Islamic?
Question 24: Are not Islamic banks just paying interest and dressing it as profit on trade and investments?
Question 25: Can bank charge me extra profit in case of late payment ?
Question 26: Where do HBZ Bank Islamic banking invest?
Question 27: How does HBZ ensure that the banking operations are as per Islamic Shariah requirements?