Petem95

Well no wonder all the main banks are rushing to introduce them! - here Mr Mohammed, have an account with no overdraft and pays no interest.

Millions of Muslims in the UK are expected to take these out, but it just seems so stupid. Moses, will you be going for one of these?

Jap2Scrap

Eh? First I've heard of these. Any more details?

Petem95

http://news.bbc.co.uk/1/hi/business/4264939.stm

Not good, even with todays low interest rates. Just imagine having one of these when interest rates have gone up a few %!

pslewis

Apparently you get a free camel after 2 years instead of money

Pete

boxst

Hello

I'm happy to open a bank that exclusively has that kind of account.

Steve.

Jap2Scrap

edited cos I can't be arsed to back up what was a poorly thought-out and bigotted post.

Regards

Peccant

What's the problem with people opening a bank account that agrees with the rules of their religion? Each to their own - It doesn't affect anyone else.

jasey

The main banks have, in all but name, beaten you to it.

Dear Mr Bank Manager

Thanks for the 38p Interest this year for having an average £3,000 balance each month.

Regards
Osama Bin Jasey

jasey

I will bow to any superior knowledge - but I think the Idea is that no one should earn Interest - So a greedy UK Bank earning Interest from it's Muslim Customers and passing it on to thier shareholders is unlikely to pass the Clerics recommendation criteria ???

unclebuck

Surely this another one of those 'intergrate or f**k off' kind of issues?

I don't see why the high street banks should be bending over backwards to accomodate this kind of nonsense.

Peccant

Couldn't agree more - my point is purely that I don't have a problem with muslim customers wishing to forefeit any interest on their accounts. As customers of Western banks then they will have to either accept the way the bank works, or bank elsewhere. It seems like a good compromise between the two ways of working to me, that's all

Petem95

The bank has to make a profit from their money however, otherwise there'd be no point in them introducing these accounts.

I suppose Muslims can just get the money paid into their account from jobs/benefits and take out the money in cash as soon as its paid in, and 'stuff it under the matress'.

Worth pointing out that the banks probably make a lot from interest charged on overdrafts, and as these accounts have no overdraft then theres an area where they cant make anything.

jasey

The banks will do this for money - As stated above - I'd open an Islamic Bank If I could get the savings of 2 Million Muslims - Horse it into a high interest account and keep the money - Solicitors have been doing this for years

Iwan

I'm probably not understanding this correctly. But if muslims can't pay or accept interest, is there an Islamic mortgage too?

I quite fancy a mortgage at 0% for ever, deffo worth growing a beard for.

MattW

There is. Works on the basis that the bank buys your property for you, you pay rent and then they give it to you after 25 years.

How that differs to a normal mortgage I'm not sure!!!

Iwan

Ah, **** that then!

Cheers for the explanation mate.

SJ_Skyline

Sorry UB, thats a very narrow view of things. There is a demand for this service so people will provide it, the banks have been slow to adopt this method as it is blending of eastern and western cultures. The risk is getting it wrong and having invested time and money to offer a product that is unworkable. The benefit is that the bank has a product that is demanded by a significant number of people.

AdiM

Actually, they do charge interest, they just don't call it interest. Here's an example :

Say you want to borrow £100k for a house. Okay, what happens is that : The bank buys the house for you then sells it to you for, say £200k. They divide that £200k by, say, 25 years x 12 months and get a monthly repayment figure. Simple, you see, it's no against islamic law to make a profit on a deal, only to charge interest. Good eh ?

Tiggs

its nuts...its like Subaru going out of their way to provide blue cars with gold wheels..........otherwise known as "supply....demand...profit!

Dracoro

And with islamic mortgages you have pay stamp duty (and other fees, solicitors etc.) twice. Once when you (I mean the bank ) buys it and again when you buy it back after 25 years.


In addition, I wonder if anyone can apply for these accounts/mortgages etc.? (not that you'd want to, seems like a poor deal imo but anyway...)

Prince Popeye

So if we had interest free bank accounts for Christians I bet the muslim council of GB would be crying RACISM.

muslims should pay interest aswell as anyone else. Sick of all this pandering bullsh*t to accomodate other cultures.

next thing it will be agianst Islamic Law to be prosecuted for speeding

ajm

Case Dismissed..... NEXT?

SJ_Skyline

If these accounts had been marketed as Interest Free Buyback Accounts rather than Sharia Compliant Accounts would there be the same responses? I don't think so, I don't even think this would have made an entry on NSR.....

My point, like it or not, Islam is becoming a marketable brand... (not even sure if I agree or disagree with that myself..)

rgv_stu

another string in the bow of me wanting to get out of the uk, bloody pc brigade

Iwan

[stirring]
Aren't Sikhs already exempt from wearing crash helmets whilst riding motorbikes?
[/stirring]

Nothing against Sikhs BTW, just using an example where a law has been changed to accommodate the needs of a particular religeous group.

One thing's certain, France wouldn't allow this sort of thing.

Tiggs

lol.....you lot do not know WHAT you are on about!

This isnt pandering some minority....this is business being happy to provide something (that joe bloggs would think is crap) to people that want it.

If there was a religion that meant you needed to get the ****e kicked out of you everyday...and i set up a firm to dish out ****e kickinmg to those that want it.....am i pandering to a minority???? are you pissed off that someone is getting a kicking and your not????

Dracoro

Exactly. As long as no-one is being excluded, I don't see what the problem is. You guys can have these accounts too if you like (I assume that'll be the case that anyone can take them out).

None of you are losing anything out of this. Get some perspective.

turboman786

Unclebuck - you truly are an ignoramous.

ALL the religions of Islam, Juadiasm and Christianity forbid usury in all its forms...

Jews are allowed to charge interest to Gentiles, but not to fellow Jews...a nice fair balanced approach there....UB...does that comment make me anti semetic?

Christians, seem to be oblivious to the parable of Jesus turning over the table of the userer...although some branches of Christianity still strongly uphold the principle...

If one takes a look at the effects of intesrest on society, you will see why it is viewed as a sin. By definition, the lender lends to the one who does not have, yet charges him more than that which he is lending for the priveldge...........look at African debt, it simply cannot be paid off due to interest.....

Look at the UK consumer...most are heavily indebted making their min payments on credit cards, thus not actually owning the clothes on their back, the cars they drive, the homes they toil day and night for etc...

The most shrewd people I know have all made serious money and have avoided interest, both paying and taking....

turboman786

Hmm...it also says a lot about some of those who have posted in this thread, who seem to use any excuse to have a dig at Islam, Muslims integration etc....

Its very sad to see that people who clearly have no idea of the concept/principles of interest free banking are able to get on their daily mail soapbox...anyway, peace to all.

gsm1