Jump to content

Banks and Sharia law


Tarot

Recommended Posts

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?
Link to comment
Share on other sites

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.

Link to comment
Share on other sites

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.
Link to comment
Share on other sites

themaninblack Wrote:

-------------------------------------------------------

> 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*

Link to comment
Share on other sites

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!

Link to comment
Share on other sites

Tarot Wrote:

-------------------------------------------------------

> 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!

Link to comment
Share on other sites

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.

Link to comment
Share on other sites

HAL9000 Wrote:

-------------------------------------------------------

> 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.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Latest Discussions

    • More interested in the future than the past. 
    • The plans The developer Berkeley Homes have submitted a planning application to redevelop the Aylesham Centre close to the junction of Peckham High Street and Rye Lane, containing Morrison’s supermarket, car park, & petrol station, Aylesham shopping arcade and most of that side of Rye Lane between Hanover Park and Peckham High Street. The application is for a mixed housing, retail, leisure and commercial development, in buildings ranging from 5 to 20 storeys. Impact Local people who have studied the detailed plans think that the development would dominate the historic town centre which has evolved since the 18th century, and would ruin the Conservation Area which was awarded in 2011 'to preserve and enhance its character and appearance'. More than 65% of the homes to be built in this unimaginative over-bearing development will be unaffordable by most people who live in Southwark, and provide inadequate open and green space for this part of Peckham. Need for discussion This is such an important issue for south London that it needs wide discussion before the Council Planning Committee takes its decision (not before next Spring). A free on-line talk and discussion to clarify the heritage issues we all need to think about is being held on Monday 11th November 7-8.30pm. All will be welcome. Please register on this link: https://Defend-Peckhams-Heritage-2024.eventbrite.co.uk There are several other key issues raised by the plans which are being examined in the Aylesham Community Action (ACA) campaign. You can find the link to all that and other useful information here: www.linktr.ee/acapeckham The zoom session is being arranged by Peckham Heritage the local group that has grown from the community work alongside the restoration of nine historic buildings in Peckham High Street through the Townscape Heritage Initiative. We hope that EDF members who value local heritage will be able to attend the session to hear and take part in the discussion, and report back to this topic so the discussion can continue.
    • I did see a few Victoria bound 185's on East Dulwich road around 5pm this evening. Coming from the Rye end and heading toward Goose green
    • I cant quite pinpoint where she is exactly. But currently notice I am not hearing her this evening!! She has a microphone? 
Home
Events
Sign In

Sign In



Or sign in with one of these services

Search
×
    Search In
×
×
  • Create New...