finance

As a consumer, it is not always easy to choose the banking solutions that you really want to benefit from, often because of the complexity of the issue, or sometimes because of the lack of time. Indeed, in our hectic life, how to know clearly what differentiates Islamic Finance and conventional finance for example?
Small comparison
Islamic Finance
Just like conventional finance, Islamic Finance deals with 100% Halal investment, trade, transactions, lending and financial products. Thus, as its name suggests, Islamic Finance respects the precepts of the Muslim religion - which has many millions of practitioners in France! -, while addressing an audience without distinction of religion and color.
Concretely, the consumer who chooses to entrust his money to Islamic finance is protected from interests (Ribâ), speculation (Maysir and Qimâr), uncertainty (Gharar) and the illicit (Haram).
In Islamic Finance, banks are forbidden to invest their money in Haram domains such as the tobacco industry, pornography, eroticism, the alcohol and wine industry ( And of course drugs), gambling, the hog industry and unlicensed food, armaments (except for states), the banking industry (except the Islamic banking industry), and so on.
More clearly, Islamic Finance seeks to simplify access to money for Muslims and non-Muslims who wish to:
• Sharing of risk,
• The materiality of trade,
• No penalties for late payments
• And the non-financing of transactions prohibited by the precepts of the Muslim religion
To summarize, Islamic Finance is an alternative that allows the fair distribution of wealth and prosperity through commercial activities and morally acceptable investments in a participatory and ethical manner. This principle comes together under the name of 3P: sharing - losses - profits!
Conventional Finance
In conventional finance, decisions are made to optimize the principle of risk-profitability, better known as "performance".
In addition, a conventional bank pays interest to its savers while collecting interest in turn, on the loans it lends: it is the bank's income!
To sum up, conventional finance practice:
• Financial derivatives
• The speculation
• Interest (on savings, credits, penalties)
• Derivatives that play the role of insurance
• Short-term profit
Islamic Finance for All!
Like conventional finance, Islamic Finance welcomes all those who want to consume in an ethical and participatory way, where speculation has no place. At a time when we are beginning to heal the wounds left by the subprime crisis, it is urgent to turn to a simple alternative, which allows the largest number of people to save and access their money. All simplicity.
If you are one of those consumers eager to invest their money in the real economy, if you are a Muslim willing to protect their money from the Haram, with a 100% Halal solution, check out the NoorAssur range of Banking & Takafuls 100 solutions % HALAL !
NoorAssur is a French start-up, specializing in Islamic Finance. She opened her first agency in Chelles (Seine-et-Marne), in the Paris region. Ambitious, it has set itself the goal of opening 20 additional branches in the hexagon in 2016!