AIB’s core mission is to provide a range of financial services while maintaining ethical and Shariah-compliant standards. It offers various products, including Islamic savings and current accounts, profit-sharing investment accounts, and Islamic home financing. Customers of this bank can expect to benefit from profit-sharing arrangements, where returns are generated through ethical and Shariah-compliant investment activities.
Al-Arabi Islamic Bank offers a diverse and distinctive set of trade financing services to facilitate the work of merchants and company owners, whether they are importers or exporters, by providing the latest international systems and the most qualified staff, in addition to providing a solid network of correspondents around the world that our bank established to support and meet all the requirements of your commercial transactions around the world and with competitive commissions.
Cost-plus financing is made right !
Compensation, consideration & return.
Issuing, amending and extending letters of credit.
Issuing letters of guarantee.
Society for Worldwide Interbank Financial Telecommunications
A fast and secure way to send money on the go.
The AIB is a licensed bank located in Baghdad, Iraq.
Looking forward to launch our services soon.
During the following few months.
Please send us an email at:
info@aibank.iq
Or via visiting our main branch in:
Iraq, Baghdad, Sadoun St.
Near Al Firdaus Sq.
We have some vacancies !
Please get in touch via info@aibank.iq
Islamic banking, also referred to as Islamic finance or Shariah-compliant finance, refers to financial activities that adhere to Shariah (Islamic law). Two fundamental principles of Islamic banking are the sharing of profit and loss and the prohibition of the collection and payment of interest by lenders and investors.
One of the primary differences between conventional banking systems and Islamic banking is that Islamic banking prohibits usury and speculation. Shariah strictly prohibits any form of speculation or gambling, which is referred to as maisir. Shariah also prohibits taking interest on loans. Also, any investments involving items or substances forbidden in the Quran—including alcohol, gambling, and pork—are prohibited.
The practices of Islamic banking are usually traced back to businesspeople in the Middle East who started engaging in financial transactions with their European counterparts during the Medieval era.
At first, they used the same financial principles as the Europeans. However, over time, as trading systems developed and European countries started establishing local branches of their banks in the Middle East, some of these banks adopted the local customs of the region where they were newly established, primarily no-interest financial systems that worked on a profit-and-loss sharing method.
By adopting these practices, these European banks could also serve the needs of local businesspeople who were Muslim.
Islamic banking is grounded in the tenets of the Islamic faith as they relate to commercial transactions. The principles of Islamic banking are derived from the Quran, which is the central religious text of Islam. In Islamic banking, all transactions must comply with Shariah, the legal code of Islam (based on the teachings of the Quran
The rules that govern commercial transactions in Islamic banking are referred to as fiqh al-muamalat.