Should I choose this traditional UK bank account or a different one?
 

http://i.imgur.com/fcUQTbD.png

Looking for a new bank to use as my account location for a side project... Taken from this page:

https://www.lloydsbank.com/current-accounts.asp

Good to see they are being catered for :thumbsup

Christ, it's real.

Would you say this "gimmick" or "good business" with the customer in mind!

Is there any reason for an Islamic to have a different account to others? OMG!

If your muslim, your not supposed to charge interest or somthing.

In fact this applied to most religions at some point, including Christians.

Its why Jews went into banking as it was not part of there religion.

Over time Christians dropped this belief (though not all).

In fact many non muslims like these bank accounts as they feel they are more moral.

Prohitbition of Interest

Riba best translated today as the charging of any interest, meaning money earned on the lending out of money itself. The prohibition on paying or receiving fixed interest is based on the Islamic tenet that money is only a medium of exchange, a way of defining the value of a thing; it has no value in itself, and therefore should not be allowed to give rise to more money, via fixed interest payments, simply by being put in a bank or lent to someone else. The human effort, initiative, and risk involved in a productive venture are more important than the money used to finance it.

Money in Islam is not regarded as an asset from which it is ethically permissible to earn a direct return. Money tends to be viewed purely as a medium of exchange. Interest can leads to injustice and exploitation in society; The Qur’an (2:279) characterises it as unfair, as implied by the word zulm (oppression, exploitation, opposite of adl i.e. justice)

There is no real 'lending' in Islam since all 'lenders' obtain ownership interests in the assets that they finance, or earn a profit-share or purely fee-based remuneration. In order for an Islamic bank to earn a return on money lent, it is necessary to obtain an equity, or ownership, interest in a non-monetary asset. This requires the lender to also participate in the sharing of risk.

Individuals and the world as a whole probably know too well the burden of interest and misery and suffering that irresponsible lenders have inflicted on individuals and societies. It has become so completely institutionalised and accepted in modern economies that it is almost impossible to conceive that there are some who completely oppose it and refuse to enter into any transactions that involve interest.
Islam's prohibition of interest and usury was not unprecedented. The early Jewish and Christian traditions also forbade riba. Even the renowned Greek philosopher, Aristotle, condemned acquiring of wealth by the practice of charging interest on money.

“Very much disliked also is the practice of charging interest: and the dislike is fully justified for interest is a yield arising out of money itself, not a product of that for which money was provided. Money was intended to be a means of exchange; interest represents an increase in the money itself. Hence of all ways of getting wealth, this is the most contrary to nature." Aristotle, The Politics, tr. Sinclair, pg. 46, Penguin

“Do not charge your brother interest, whether on money or food or anything else that may earn interest.” (Deuteronomy 23:19)

“If you lend money to My people, to the poor among you, you are not to act as a creditor to him; you shall not charge him interest.” The Holy Bible (American Standard Bible)

[Jesus said], “If you have money, do not lend it at interest, but give [it] to one from whom you will not get it back.” Gospel St Thomas, V95

Institute of Islamic Banking and Insurance - Prohibition of Interest

Its a very interesting question, should banks and so on charge interest.

I think Islamic accounts have a fee based system rather than interest (but I am not 100% sure) as this I believe (again I may be wrong) fits in with Islamic (as well as traditional Christian) beliefs.

Tell me it is not so...Pleaseeeee:error

Ironically its Jesus who stated interest is wrong.

Muslims basically believe the same as Christians (Jesus, and and eve and do on...). The main difference is that Jesus is a prophet for Muslims.

More info: https://en.wikipedia.org/wiki/Islami...ng_and_finance

https://en.wikipedia.org/wiki/Usury

"When money is lent on a contract to receive not only the principal sum again, but also an increase by way of compensation for the use, the increase is called interest by those who think it lawful, and usury by those who do not." (William Blackstone's Commentaries on the Laws of England).

https://en.wikipedia.org/wiki/Riba

The Magna Carta commands, "If any one has taken anything, whether much or little, by way of loan from Jews, and if he dies before that debt is paid, the debt shall not carry usury so long as the heir is under age, from whomsoever he may hold. And if that debt falls into our hands, we will take only the principal contained in the note."

Praise Allah :thumbsup

I wished Allah would do something about times above.... was or is there any point to the amount of ridiculous posts, copy paste & post after post, talk about ruin a very good thread :disgust

sadly, I think you'll find that all UK banks now have them.

No, its great :upsidedow First time I've seen one being so openly promoted. Shame the others are more hidden :2 cents:

Monthly Account Fee = none

Allahu Akbar!

:1orglaugh:1orglaugh:1orglaugh:1orglaugh:1orglaugh

I honestly thought this was a big piss take and someone had created that image for a laugh.

How wrong I was.

I wonder if we'll ever have areas in Islamic countries where we're allowed to kiss, show our bodies or just act like British citizens on holiday or living there?

Personally, it wouldn't matter if we didn't, as I go to these countries to appreciate their way of living, why can't Islamic people have the same understanding about the UK! That's what annoys me :2 cents:

They come here to see girls in bikinis, we go there to not look at women wearing burqas, in case someone gets the wrong idea and kills us :2 cents:

Seriously though, I've know Muslims in the UK who are happy with how things are here, when they go back to the land of their forefathers they don't fit in and start to feel homesick

Wow this is a surprise. Maybe I will post a story on it.

evil evil shariah not allowing predatory lending :mad::mad::mad::mad:

pisses me off so much :mad::mad::mad::mad::mad:

how dare they not keep the poor in debt slavery :mad::mad::mad:

wtf is wrong with them? :mad::mad:

They're just weird, huh?

A ponzi scheme is like kryptonite to them.

absolutely :thumbsup

Which is why I don't see why the banks are offering this separate account, only alienating Muslims a little more :2 cents:

A lot of the Muslims would refuse to use normal accounts, because it breaks their religious laws :2 cents:

you would use a muslim account if you could and so would I :1orglaugh:1orglaugh:1orglaugh

Really? Why? Is there some possible advantage that I am unaware of, or are you just trolling?

Please enlighten me, cause I have my meeting scheduled next week to open an account, and knowledge is poower :)

In a nutshell:

most western banks are like bernie madoff...gamblers with no moral code...profit NOW at any cost, screw the future they want their 147-th yacht...they are like loan sharks with a gambling addiction :1orglaugh...

islamic banks are pretty much the opposite...you will never hear of an islamic bank being bailed out...its like doing business with your parents, they will not let you get in trouble and lend you money irresponsibly, nor will they gamble with your money if you decide to deposit it with them...

the difference for you short term:

if you borrow money from an islamic bank, if you have a bad year, so do they...they see you as a business partner and not as a slave...if you borrow money from a western bank and have a bad year, then tough cheese you are fucked they want their money NOW...or they can re-finance your debt, that is akin to them putting on a bigger and longer strap on :1orglaugh

the difference for you long term:

one day western banks will become "un-bail-outable" ...if you have money in such a bank you can kiss it goodbye...

But this is not an islamic bank. This is 'Lloyds of London' - A british institution. Founded in 1765 and over 200 years old...

They are simply offering to handle a muslims money in a 'different way' than they handle a non muslims money... However, If the shit hits the fan with the Bank itself, Muslim or Non Muslim, you are in the same boat...