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types of convetional and islamic banking deposits?

types of convetional and islamic banking deposits?
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Answer #1

A. Types of Conventional Deposits:

1. Term Deposits - Depositing money into an account opened with a Bank, Financial Institution etc, generally carrying short term maturities.

2. Saving Account - Deposit Account opened with a bank for which banks pay interest and allow withdrawal of money by showing passbook.

3. Current Account - Deposit Account opened for business transactions on which no interest is paid by bank.

B. Types of Isalmic Deposits:

1. Qard - Deposit A/c where bank takes the risk of funds.

2. Mudarabah - Deposit A/c where Client money is invested in various businesses and profits/losses are shared by banks and clients.

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