MD an dother- Nothin gi s itnerest free in the banking. Being islamic bank ,these banks do a buy and sell agreement in loans. They buy a car for 100,000/- on your behald and at the same time, sell it to you at 115,000/- Thus that 15,000/ is their islamic profit ( INTEREST INCOME).
MD an dother- Nothin gi s itnerest free in the banking. Being islamic bank ,these banks do a buy and sell agreement in loans. They buy a car for 100,000/- on your behald and at the same time, sell it to you at 115,000/- Thus that 15,000/ is their islamic profit ( INTEREST INCOME).