JP Morgan Islamic Banking USA | Free Interest Loan

JP Morgan Islamic Banking USA | Free Interest Loan: JP Morgan Islamic Banking USA is offering a Sharia-compliant loan and other products to its client, if you want to bank with JP Morgan Islamic Banking in the United State of America, you are on the right page

JP Morgan aims at providing Islamic banking solutions to clients with increasingly sophisticated financing needs. So if you need a loan or financial services with free interest, JP Morgan Islamic Banking got you covered

About JP Morgan Islamic Banking USA

JP Morgan Islamic Banking is a non-formal system of banking that is based on the Sharia-compliant principle. Its products include Debt And Equity Capital Markets, Risk Management And Asset Management Funds, Investor Products, Cash Management, And Murabaha Liquidity Products

It adopted the same Banking System operated in the Middle East, Golf Countries, and other Islamic countries worldwide, where almost free interest is tied to all of its products

Online like the Western Banking system where profit and huge Interest rate is the order of the day, Islamic banking products is far from it, rather it such practice help clients with increasingly sophisticated financing need at a reasonable rate

In Islamic law, also called Sharia, it is forbidden to collect interest, but with the current banking system in America and most other countries, it has become an increasingly difficult law to abide by.

But JP Morgan has now adapted their policies to make it possible for clients to adhere to Sharia law.

How Does Islamic Banking Makes Profit

If it does not charge interest on its loans and products, how then does it makes a profit to stay buoyant?

We must understand that Islamic Banking is far different from mainstream ones, For instant if a businessman takes out a loan to buy supplies. In a mainstream banking system, the bank would give a loan, and charge interest.

But in the banking system, like the one offered by JP Morgan, is all asset-based.

Instead of the bank providing the money, they would instead purchase the supplies, and buy them back at a markup rate.

Secondly, in sharia, the beneficiary must undergo a credit check to ensure that they are eligible to take out a loan, and they cannot have any unpaid debts.

Mainstream banks pay interest on money sitting in savings accounts. When you put into an Islamic bank, it is pooled with the money of other members of that bank, and then used to run its business.

At the end of the year, it will calculate its profits, and it will pay you, for example, 5%, more or less, depending on how well the bank grossed that year. A traditional bank will pay you a fixed interest, but if an Islamic bank has a bad year, they could pay you nothing

Is JP Morgan Islamic Banking USA for Muslims Alone?

While it seems like an Islamic-sharia banking system, JP Morgan Islamic Banking USA is a traditionally Islamic system that is aimed at helping businessmen and women around the world achieve their full potential

Its customers include Muslims, Christians, and Jews who have private accounts