Man can't live in this earth without accepting any profession. Every profession, high or low, should be respected by all.
A society needs all kinds of profession. The profession Banking is a challenging and competent career. Banking system is immense need for the socio-economic development of a country. Now a days, in our country two types of Banking systems are found- One is traditional or conventional banking system and the other is the Islamic Banking system. The first is interest based while the later one is interest free or profit based or Shariah based banking system.
It is proved in various ways, that interest is the course towards human society. It hinders development, creates difference between rich and poor. reduces investment and economic growth. That is why the modern economist suggested to introduce low-rate of interest to achieve the optimum rate of economic growth. Islamic Economic and banking system is only the alternative of this which implies zero-rate of interest. On the other hand Islamic banking system is completely free from interest.
Actually an Islamic Bank is a financial and social institution whose objectives and operations as well as principles and practices must conforms to the principles of Islamic Shariah and which must avoid the use of interest in any of its operations. The Islamic bank have the following distinguishing charactistics:
a. They are committed to operate according to the principles of Islamic Shariah.
b. They are forbidden to pay or receive interest on any of their operations.
c. Islamic bank do share in the profits of enterprises as per agreement with those who take funds from them for actual trade or investment and these are on the basis of the realised profits or losses, as the case may be.
d. Islamic Banks do not deal in money but deal with money as a means to finance productive trading and investment activities. either directly by themselves or in partnership with other seeking to earn or share legitimate profit.
e. They are required to pay to the zakat funds 2.5% of their capital and profit every years for the benefit of the poorer section of the society.
f. They have provision for Quard-E-Hasana or benefit loan in deserving cases without any consideration of profit or return on the same. These are returnable if and when the beneficiary is able to repay.
They conventional banks emphasis in maximizing profits at any cost. Material gain is their only target. out the country, the Islamic bank runs with Shariah acceptability in maximizing their profit. As a result, Islamic bank can't invest their funds to any harmful pursuits even if they are invest their funds to any harmful pursuits even if they are economically lucrative. Thus all the efforts and activities of Islamic Banks runs towards the socio-economic well being of human society. In this way Islamic Bank can ensure:
(i) Allocative efficiency of funds.
(ii) Stability in the value of money.
(iii) Increase the volume of investment.
(iv) Socio economic of justice and equitable distribution of income and wealth.
(v) Curbing speculation and reduce inflation.
(vi) Mobilization of savings and profitability of investment.
(vii) Broad based economic well-being with full employment and optimum rate of economic growth.
After above mentioned excursion, Islamic Banking as a career is highly locative, prospective and bright future to play a vital role for the socio-economic up liftmen of a nation as well ad for the whole mankind. This is why I would like to choose Islamic banking as the best career.
