A number of Islamic insurance companies have reportedly been depositing their funds with the country’s conventional banking system in violation of the spirit of Islamic values, central bank officials said. They said insurers based on Islamic principles have been depositing their funds with the conventional banking system mainly with a view to earning more profits.
The country’s Islamic banks generally offer 1.0 to 2.0 per cent less profit on the deposits than that of conventional banks, sources familiar with the issue said………………………………………..Full Article: Source