Islamic Finance

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Islamic Financing

Banks developing Islamic banking and Islamic financing products compatible with Islamic law try to avoid conventional interest and other prohibited elements common in traditional banking products.
The products need to be

1. Acceptable under Islamic law;
2. Acceptable under U.S. law;
3. Competitively priced with comparable conventional products, where possible;
4. Make good business and financial sense.

Letters of credit are also available in a Shariah compliant manner. A stand-by letter of credit may be arranged using one of several models where payment may not be required, or a documentary letter of credit can be provided where it is known that a draw will be required.

• Murabaha transaction (Search for Murabaha)
• Ijara Transaction (Search for Ijara Transaction)

• http://www.devonbank.com/Islamic/index.html
• http://www.devonbank.com/Islamic/Fatwa.html

Other services offered by Islamic banks include:

• Foreign currency exchange
• Foreign check processing
• Traveler's checks (in U.S. Dollar, Sterling Pound, Euro, Swiss Franc, Japanese Yen, or Canadian Dollar denominations)
• International drafts
• Safe deposit boxes
• Money orders
• Letters of credit
• Non-interest bearing checking accounts
• Debit cards
• ATM cards
• 1031 Tax Deferred Exchanges (Starker) trusts (for conventional or non-mortgage purchases, or properties acquired with a murabaha transaction, but not for an ijara acquisition)
• Land trusts
• Escrow services
• International documentary collections
• On-line bill payment and electronic banking

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