The Importance of Studying Different Features on Deposit Operations of Islamic and Commercial Banks
DOI:
https://doi.org/10.51699/economics.v37i4.188Keywords:
Islamic bank, Deposit services, Uzbekistan, Wadiah, Investment Account, Conventional bank, Riba, Mudaraba, Legislation.Abstract
A Bank is the establishment for the custody of money received from, or on behalf of, its customers. Interest being the cogwheel of the modern banking, is strictly prohibited in Islam and hence there can be no banking system in Islam based on Interest. Islamic Banking has the same purpose as conventional banking except that it operates in accordance with the governing rules of Shari’ah. The establishment and operation of Islamic banking and finance is governed by Shari’ah principles. These specific underlying principles give a new dimension to its governance structure, which is known as Shari’ah Governance. The aim of this research is to examine the theoretical and practical differences of deposit services between Conventional banks and Islamic banks. It also provides information on the first steps in the development of the Islamic banking market in Uzbekistan.
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