​​​​​​​You ask, Muzn answers

Welcome to Muzn’s Frequently Asked Questions (FAQ’s) where you can find answers to questions that might arise as you begin to discover more about Muzn and the benefits of Islamic Banking. Muzn’s Shari’a experts will address your questions and provide the right answers, so please do not hesitate in helping us complement Muzn’s mission of being your trusted banking allegiance.​

Top Frequently Asked Questions

Wakala is the agency relationship between an Agent-(Islamic bank) and a Principal-(Customer), where the principal appoints the agent to perform a certain task on its behalf, in return for a fixed Agency fee. An example of Muzn products of Wakala are Wakala Investment and Flexi Wakala account​

Islamic Banking is a banking system where related transactions and activities are conducted in accordance with the principles of Shari’a that allows asset-backed financing and prohibits interest-based dealings. 

The principles, which accentuate moral and ethical values in all dealings, have wide universal appeal. The Islamic Banking follows the rules of Shari’a, the main source of Shari’a is Qur’an, followed by the Ahadiths of Prophet Muhammad (Peace Be Upon Him).Islamic banking activities must be practiced along the lines of the Shari’a and its real-world application through the development of Islamic economic principles. Many of these are commonly accepted all over the world, and have been practiced for centuries. Shari’a forbids the payment or acceptance of interest charges (Riba) for the lending and accepting of money, as well as prohibits activities and practices contrary to principles of Shari’a.​

Did not find the info what you are looking for?

Banking convenience for your everyday and long-term needs