Difference between Islamic Banking and Conventional Banking - Islamic VS Contional Banking | AIMS UK

The difference between Islamic banking and conventional banking is rooted in their core principles and operational methodologies. Islamic banking operates by Sharia law, which prohibits the earning of interest (riba) and investing in businesses that are considered haram, such as those related to alcohol or gambling. Instead of charging interest, Islamic banks earn profit through profit-sharing agreements, fees, and joint ventures. Conventional banking, on the other hand, relies heavily on interest as a primary source of income and does not adhere to religious laws in its investments. When comparing Islamic banking vs conventional banking, one should also consider the ethical and risk-sharing aspects inherent in Islamic banking practices, as they promote equity and social justice.
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