⚫⚫ Bank :
◾Bank is an an institution which deals
In credit. This institution receives deposits of public savings and extend loans to needy people for productive or unproductive ventures.
▪️In an interest_ based economy the Bank earns profit by lending out money on low interest_rate.
In the words of professor "Crowther":
"The Bank deals in loans. It receives deposits from public and provides loans to needy people.
⚫⚫ Functions of the Bank in Interest _Based Economy:
⚫#1 Accepting Deposit:
⚫#2 Advancing Loans
⚫#3 providing Agency Services.
⚫#4 Money Transfer
⚫#5 Safe_Deposiy Lockers
⚫#6 investment...