Two options are available to move on while considering your financial goals. One is a bit risky and the other is completely out of any risk. We will discuss both in detail but first of all, give me a single reason to indulge in these tasks. If we have a specific look at the UAE region the choices are unlimited and you just need to work smartly. One can get maximum profit which is obvious from the involvement of international traders and businessmen in this region. Before going to take any step we would recommend you evaluate your position with all inputs and outputs. We have been evaluated several areas which are quite prominent for making a financial investment in UAE including
- Education sector
- Health sector
- Insurance services
- Loan offers
- Infrastructure plannings.
You can invest in any of the above-mentioned areas to get maximum profit. There are so many other options like forex trading, stock exchange, and gold trading. For fresh investors, forex trading is best because you just need to put little effort financially and mentally. Try to learn some basic level information so that to make an investment and other things will go on automatically. But most importantly, the ways we have to invest in any area are important to know. As we all know that UAE depends a lot on the prior knowledge of investment areas, so investors should get some basic level information from a financial expert. For making the best investment plan in Dubai, we suggest you choose one of the options mentioned in the list of financial projects. With more basic detail, you can either invest using Islamic financial system or any other conventional method which is already running all over the world.
Let me explain some important tips before going to plan any final thing. So try to cover some of the latest features and ongoing services of Islamic investment services which are completely interest-free. Can you believe any banking system which is running without any interest rate? Yes, it is the Islamic banking system that is equally popular among locals and outsiders in Dubai. It is completely based on Islamic teachings and philosophy in which interest on any kind of a deal is prohibited. You cannot even use your investment in a business in which interest is involved. This is a unique system which is popular among expatriates because they can save themselves from the interest rate. Most of the people in UAE are interested in the Islamic banking system to complete their daily banking tasks because they feel convenient during the whole process.
How to open an investment account?
You want to do business in UAE, you must have to open an account. This would be an official track record of your income. All of your inputs and outputs will be measured by the local responsible authorities using your account detail. With all official formalities, it would be easy to handle your business projects in this region. Also, tax-free income can rapidly enhance your wealth. For this purpose, one has to open an account which is known as a sharia-compliant account. This type of account is only accepted at Islamic banks because it is an interest free system. This option offered by Islamic banks does not follow the commercial banking rules because they are poles apart in their perks and terms. It is an interest-free account in which both parties the lenders and the borrowers share the same profit and loss. Keep one thing in your mind that you can take any option either conventional banking or Islamic banking but the choice of a bank is your personal decision. The account holders of the Islamic system are well aware that profiting via interest on one’s money is strictly prohibited in Islam. All of the Muslims must make sure their money is far from dealings of interest rates in a certain business or project.
How funds can help an account holder?
In most of the developed countries of Europe and America, commercial banking is already dominant and so as in UAE. But with a parallel system, Islamic banking is giving tough time to this process working for all kinds of customers. There is no concept of Islamic banking at all in the above mentioned two regions but only in Middle Eastern states. One of the main objectives on which this type of banking is built in the system of the interest rate. You can easily differentiate between Islamic and conventional banking while considering the interest rate option. Almost all the major banking groups are working on the interest rate system because this is the only source for generating profit. There is no survival for such kind of commercial corporations if they leave interest rates.
Contrary to sharia fixed income fund, the conventional way of doing business or funding opportunities are being provided on profit and loss share. Both the investor and broker share the same space but with an interest rate system. If you look at the list of banking systems working in Dubai, almost 60 different units are working in which private and public sector banks are also included. Most of them are working through the Islamic banking system became these are popular among locals as well as in expatriates. These banks are highly professional and provide the best investment schemes as well. So we can say that this perception is completely wrong that a bank cannot work without an interest rate.
Conclusion
Do you have any idea about a specific bank in UAE which can provide convenience as well as Islamic banking services under the same roof? After hectic research, we come to know that Mashreq bank is one of the most prominent and reliable banks providing the best services to its account holders. Keep one thing in your mind that rates and terms for a specific account may vary so you need to confirm before any final decision.