Muslimcreed – When most students head off to college, they’re worried about studying hard, making friends and finding the best parties to attend on weekends. While this is all important, there’s one thing that every student should consider too: which bank to choose for their university account and whether it’s safe and secure enough to store all of their hard-earned money in. Fortunately, you won’t have to look very hard to find an Islamic bank that fits the bill for all of your university needs.
What is an Islamic Bank?
An Islamic bank is a financial institution that operates according to Islamic principles. There are certain rules that govern the way an Islamic bank carries out its business, such as the prohibition on interest-bearing loans (riba) or investments in alcohol, pork, tobacco, gambling or pornography. One of the main principles behind an Islamic bank is a prohibition on paying or charging interest. Instead, an Islamic bank makes money by investing in projects that give back profits to investors. For example, if a business needs capital to start up but doesn’t have enough funds to cover costs themselves they can apply for a loan from an Islamic bank based on profit sharing instead of interest-paying.
An Introduction to the University Bank of Islam (UBI)
An Islamic bank is an institution that operates according to the principles of Islamic law. This means that all transactions are based on a sharing model, which ensures fairness and justice in all dealings. The UBI is an Islamic bank with a number of branches across the country. As one of the leading providers in Saudi Arabia, it’s committed to providing students with banking services that are safe, secure and affordable. They offer different types of accounts for students, from checking accounts to savings accounts, depending on what they need at any given time. For those who don’t have access to physical branches near their place of study, UBI offers online services so they can access their money anytime they need it – day or night!
Opening a Student Account
Signing up for a student account at The University Bank of Islam is easy and can be done online. All you need to do is visit the website, create an account with your name, date of birth, email address, password and personal banking information. You will be asked to verify your identity before proceeding by providing either a driver’s license or passport number. After your personal information is verified, it will take about two business days to have your account activated.
On the next screen you’ll enter in any scholarships or grants that you are receiving from outside sources. This will help the bank determine how much money should be put into your checking account each month automatically so that it doesn’t bounce due to insufficient funds like other banks might do when they see large transactions coming through from outside sources.
Benefits of opening an account with UBI
Opening a bank account is an essential step for students to take before they leave the university. UBI offers many benefits that make opening an account with them a great idea. First, UBI allows students to open up checking and savings accounts. Checking accounts are beneficial because they offer ATM cards as well as mobile banking options to use on the go. Savings accounts allow you to keep your money safe while also earning interest over time. Second, it’s easy to sign up for an account online by simply filling out a few quick fields online. You can also print out your own checks or get one mailed to you if you prefer not using the online option.
What are some other benefits?
– The interest rate is fixed at 2% per year, which may not be competitive with other banks.
– There are a limited number of branches, so you may have to travel quite far to access your account.
– The bank only offers one type of savings account; there is no choice or flexibility in this regard.
– You will have to close your account in order to withdraw money from it. This is an inconvenience that many people won’t like.
What are some Disadvantages?
The only disadvantage that I see with the university bank islamic is the lack of a physical building. While this may not be an issue to some people, it can be a problem for those who live farther away from the city and need to do their banking in person. Another potential downside is that there are no ATMs associated with university bank islamic, which means you have to make all your transactions on the website or over the phone.
Another possible drawback is that because university bank islamic does not have any branches, you will not be able to walk in and talk about your account with a representative if anything goes wrong. The only way you can speak to someone from customer service would be by calling them or submitting a ticket on their website.