Differences between Islamic banking and conventional banks Islamic banks1. The functions and modes of operation of conventional banks are based on entirely man-made principles. 1. The functions and modes of operation of Islamic banks are based on the principles of Islamic Sharia law.2. The investor is assured of a predetermined interest rate. 2. On the other hand, it promotes risk sharing between the provider of capital (investor) and the user of funds (entrepreneur).3. It aims to maximize profit without any restrictions. 3. It also aims to maximize profits, but subject to Sharia restrictions.4. This does not concern Zakat. 4. In modern Islamic banking system, one of the service oriented functions of Islamic banks has become a Zakat collection center and they also pay their Zakat.5. Lending money and getting it back with compound interest is the basic function of conventional banks. 5. Participation in partnership activities is the fundamental function of Islamic banks. So we need to understand our customers' business very well.6. He may charge additional sums (penalty and compound interest) in the event of non-payment. 6. Islamic banks have no provision to charge extra money from defaulters. Only a small amount of compensation is donated to charity. Discounts are granted for early settlement at the discretion of the Bank.7. This very often results in the bank's own interests becoming predominant. It makes no effort to ensure equitable growth. 7. It gives due importance to the public interest. Its ultimate goal is to ensure equitable growth.8. For interest rate commercial banks, borrowing from the money market is relatively easier. 8. For Islamic banks, this must be a paper way... through an overarching framework with checks and balances that include recognized corporate ownership of risk and independent oversight of risk management. The Group and the Bank mitigate their operational risk by implementing its key controls and assessments in accordance with the standards of Citigroup and regulators. They are also assessed, monitored and managed by its robust governance structure. The Group and Bank Self-Assessment and Operational Risk Framework includes the Self-Assessment of Risks and Controls and the Operational Risk Policy, and defines the Group and Bank's approach to management. operational risks. The objective of the policy is to establish a consistent approach to assessing relevant risks and the overall control environment within the Group and the Bank, in order to facilitate compliance with regulatory requirements and other corporate initiatives..