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What is the credit policy in Islamic banks?
In Islamic banking, the loan is supplemented by a margin and banking services, and the loan interest is issued. The masters do not go by themselves and there is no concept of penny at all. There are penalties, but they are imposed once, and the reason for the imposition is to educate the client. The proceeds will be used directly for charitable purposes. However, in Islamic finance, a fine is not considered a benefit and is considered haram.
In Islamic finance, loans are issued for a maximum period of 5 years, and interest is still prohibited, for example, I bought a phone for 21 soums, but openly says that I will sell it for 23 soums. That is, the customer knows the exact price of the product and the master put on it, and agrees to it. In doing so, they pay the master, not interest.
Only Islamic banks have 2,5% zakat. This tax is levied on wealthy Muslims and is directed to provide for needy Muslims.