WHAT IS NON-INTEREST BANKING (NIB)?
Non-Interest banking operates on defining principles such as: interest prohibition in debt and exchange contracts; the prohibition of uncertainty or speculative behavior in business transactions; the prohibition of any form of gambling. It also prohibits funding of unethical concerns such as, alcohol, tobacco, ammunition manufacturing and adult entertainment institutions; just to mention a few. Non-Interest Banks engage in partnership contracts, trading contracts, leasing contracts, and other financial services that conform to Islamic commercial jurisprudence.
HOW DOES SUNTRUST BANK NIB DIFFER FROM CONVENTIONAL BANKING?
CAN I GET RETURNS ON DEPOSIT UNDER SUNTRUST BANK NIB PRODUCT?
HOW CAN I FINANCE BUSINESS OR PROJECT UNDER NIB?
IS THERE PREDETERMINED PROFIT ON DEPOSIT?
HOW IS MARK-UP ON BUSINESS/PROJECT FINANCING DETERMINED UNDER NIB?
HOW DOES SUNTRUST BANK DETERMINE PROFIT RATE FOR SAVINGS, TERM DEPOSIT AND INVESTMENT ACCOUNT UNDER NIB?