Banks and Sharia law

[Tarot]

A friend has banked with "Loyds"" for years, told me he will be changing banks. The reason being they are practicing Sharia law. If you can prove you are muslim, you can have an intrest free loan,. We do not want to support Sharia law in any way,so could anyone tell us what bank doesnt?

[themaninblack]

It may well be technically interest free, but you can bet your backside it won't be free of charges. Why on earth would any bank loan money, at risk, without any opportunity to gain. Even true Sharia banks do not do this so why would Lloyds?

The loan may involve "gifts" to the creditor as a thank you for lending. Is that interest in all but name? Yes it is.

Just carry on banking with Lloyds. They are all sharking after your money no matter what word they use to describe the payments.

[felt-tip]

although there wont be interest in the conventional sense of the word the loans are structured in such a way that the customer will pay what basically amounts to interest anyway, plus because of the complicated structures used to achieve this their bank fees will probably be higher.

[Ladymuck]

themaninblack Wrote:

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> It may well be technically interest free, but you

> can bet your backside it won't be free of charges...

>...They are all

> sharking after your money no matter what word they

> use to describe the payments.

Cynical but spot on I suspect.

*laughs heartily*

[Ted Max]

What is sharia law, Tarot, as you understand it?

By the way sharia bank accounts, which have been around for years, are open to all. Fill your boots if you think it's free money.

[londonloves]

Tarot

Themaninbalck is correct-the banks call it a management fee instead of interest as earning or paying interest on a loan or account is against many muslim's faith-not just those that abide by sharia. Many banks offer muslim accounts-this is not supporting sharia law it is offering a bank account that some people who abide by sharia may choose to use as well as other people. It's exactly the same as a supermarket selling halaal meat-people who follow sharia law may buy halaal meat,people who do not may by it-but that doesn't make Tesco's/sainsburys/morrisons etc supporters of Sharia law. So in conclusion Tarot-carry on as usual!

[SeanMacGabhann]

Tarot - do you usually take action based on what a "friend tells you" - or do you question things first?

[Ted Max]

Maybe try this bank?

[????]

:)

[londonloves]

Ted Max

ha ha-ialways wondered what that comapny was-what a terrible name!

[SeanMacGabhann]

Well the bank did have the name first to be fair

[londonloves]

Crikey-poor bank-bet their PR department are hard working!

[SeanMacGabhann]

1966 - later than I thought, but still predating the BNP by 16 years.

And it's a different language

[Tarot]

Sharia law is a ancient tribal law, that practices amputations, stoning, beheading,and keeps women suppressed ,and practice so called honour killings.

[londonloves]

Tarot Wrote:

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> INot only is this in the wrong thread, It seems

> Sharia law is being practiced in the wrong part of

> the world. I live in

> England,and only the laws of this land matter. I

> have no interest in a ancient tribal law ,and I

> dont want my bank to be anticipating in it either.

> "When in Rome"

Above posted in wrong thread.......Just to clarify, Muslims not paying or receiving interest is not Sharia law, its a belief that happens also to be part of Sharia law-just like not eating pork is part of Jewish, Muslim, Hindu and vegetarian beliefs-that doesn't mean places that sell quorn sausages are practising Sharia law-seriously don't panic!

[mothernature]

Tarot's comments are a true reflection of the old Nat West Christmas parties I was forced to attend.

[HAL9000]

Usuary - the practice of lending at interest - is forbidden to Christians, Moslems and Jews by the Judaeo-religious Scriptures.

However, in the case of Judaism, the restriction only applies between Jews, thus leaving Jews free to lend at interest to Gentiles - which is why (historically) Jews have sought employment as bankers and financiers - it's kosher.

[????]

HAL9000 Wrote:

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> Usuary - the practice of lending at interest - is

> forbidden to Christians, Moslems and Jews by the

> Judaeo-religious Scriptures.

>

> However, in the case of Judaism, the restriction

> only applies between Jews, thus leaving Jews free

> to lend at interest to Gentiles - which is why

> (historically) Jews have sought employment as

> bankers and financiers - it's kosher.

Not the whole picture though Hal, Jews were also restricted from most 'profressions' in medieval (and later) times as well as not being allowed into Trade Guilds etc, so often they had little choice.

[HAL9000]

???? Wrote:

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> Not the whole picture though Hal,

True, but that's beyond the context of Sharia/Halakhah Laws....