An Islamic bank account is defined as a financial product available from an Islamic bank that allows a Muslim to deposit money while respecting the principles of Islamic Sharia which are implemented through Islamic finance.
The Islamic bank account is essential for any Muslim who wishes within the framework of Sharia that his money be invested in an ethical framework which assumes that money deposited in it will not be invested in speculative and unethical sectors.
A halal bank account undertakes not to pay interest on Islamic bank deposits and in case the bank has activities abroad for example which does not follow completely Sharia, it will separate these Islamic accounts from the rest of the activities of the bank to be Sharia compliant.
An Islamic bank account can of course be used to withdraw money and make payments and transfers, to obtain a bank card for withdrawals and payments, to receive a checkbook and proceed with halal online banking services on the internet.
A Sharia compliant bank account has a specific particularity that it does not allow any overdraft with the sole purpose of avoiding any over-indebtedness as it is contrary to Islamic Sharia.
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