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In Islamic Banking the customers are considered as -----and thus entitled to profit sharing.

In Islamic Banking the customers are considered as -----and thus entitled to profit sharing. Correct Answer partners

Profit and Loss Sharing (also called PLS or "participatory" banking is a method of finance used by Islamic financial or Shariah - compliant institutions to comply with the religious prohibition on interest on loans that most Muslims subscribe to. Many sources state there are two varieties of profit and loss sharing used by Islamic banks – Mudarabah ("trustee finance" or passive partnership contract) and Musharakah (equity participation contract).

Related Questions

Which of the statement on Islamic banking is incorrect? (A) Islamic banking is only for Muslims.(B) Islamic banking activity do not allow paying and receiving of interest. (C) Islamic banking promotes the principle of profit sharing between banking institution and depositor.
In the question below, a passage is given followed by three courses of actions numbered I, II and III. On the basis of the information given, you have to assume everything in the statement to be true, and then decide which of the following suggested courses of actions logically follow(s) for pursuing. Passage: India has witnessed a rising trend in online banking frauds. Both the absolute number of frauds and the cumulative amount involved have been steadily increasing despite repeated awareness campaigns undertaken by banks and the RBI over the years through social media, SMS and E-mails. This poses a serious challenge to the safety of the digital ecosystem and thus the digital economy concept. Courses of action:  I. The government must set up an Insurance agency to reimburse the amount lost on online frauds. All online banking customers must be asked to pay a premium for the same. II. RBI must come up with a comprehensive mechanism for Banks to evaluate the Online Banking Knowledge of the customer before giving them such products. III. RBI must make it easier to report online frauds and more customers must be encouraged to file complaints on Online Banking frauds.
The ratio of number of veg customers to non-veg customers is 5 : 3. If there is increase in veg customers and non-veg customers by 10% and 500 respectively. If the total customers after increase is 3050 then what is the difference between veg customers and non-veg customers before increase?
The profit – sharing ratio of two partners is 2 : 3 if another partner is added with 40% of the profit – sharing ratio and the profit – sharing ratio of the initial two partners remains the same. Find the new profit – sharing ratio.
In a particular shop on particular day, the ratio of number of male customers and female customers visited is 4 : 5. On Other day, there is percentage increase in number of female customers by 20% and new ratio of number of male customers to the number of female customers is 1 : 2. Find the percentage by which number of male customers decrease.
How does shadow banking differ from commercial banking?
1. While commercial banks are tightly regulated, shadow banking is not well regulated.
2. Shadow banking cannot create money.
3. While liabilities of commercial banks are insured, shadow banking liabilities are not insured.
4. While commercial banks access to central bank liquidity in the times of distress, shadow banking does not have such resource.
Select the correct answer:
The question given below consists of a statement, followed by three arguments numbered I, II and III. You have to decide which of the arguments is/are ‘strong’ arguments and which is/are ‘weak’ arguments and accordingly choose your answer from the alternatives given below each question. Statement: A shortage of bank branches and ATMs across India’s hinterland is holding back Prime Minister Narendra Modi’s financial inclusion efforts and risks angering rural voters ahead of elections next year. After taking office in 2014, Modi set an ambitious target to open a bank account for every household to ensure welfare funds flow directly to India’s poor, while improving access to credit and insurance programs. He pushed policies that helped bring 310 million people into the formal banking system in just four years, according to the World Bank. Based on the arguments stated below and he information stated above, which of the following arguments state the reason for the problem, ‘But many of India’s villages still lack bank branches or ATMs to help service new customers, while the pace of building new financial infrastructure has actually slowed’.  Arguments: I. Because Modi’s government effectively forced poor citizens into the banking system by linking some welfare benefits to bank accounts, villagers have ended up stuck in long queues and struggling with ATMs that often run out of cash or break down.  II. With an election due next year, the mismatch between the government’s policies and the rural banking system is generating frustration among a key slice of India’s electorate. III. The banking system struggled to keep up, while some gains proved temporary. Nearly half of Indian bank accounts were inactive in 2017, meaning they weren’t used at all in the previous 12 months
Defining green banking is relatively easy. It means promoting environment -friendly practices and reducing your carbon footprint from your banking activities. This comes in many forms : using online banking instead of branch banking; paying bills online, opening up CDs (certificates of deposit) and money market accounts at online banks instead of large multi-branch banks. A green bank takes the biggest steps to support local green initiatives. Any combination of the above personal banking practices can help the environment. In this respect, online banks and smaller community banks have better track records than larger banks .However, these larger banks may be induced to go green . According to the passage, larger, multi -branch banks .
দুইজন অংশীদারের মুনাফা বন্টন অনুপাত ২:১। তৃতীয়জনকে ১/৫ অংশ মুনাফা বণ্টনের চুক্তিতে তারা ব্যবসায়ের নতুন অংশীদার হিসেবে গ্রহণ করলে মুনাফা বণ্টনের নতুন অনুপাত কত? (The profit sharing ratio of two partners is 2:1. What is the new profit sharing ration of partnership business if they accept another partner with an agreed profit sharing ration of 1/5 of total business profit?)
X and Y were partners with a profit – sharing ratio of 4 : 3. If Z is admitted to the firm with 30% profit sharing percentage, find the new profit – sharing ratio.