Religious discrimination

[Bodgeitandleggit]

Don't know if you guys have seen this from Lloyds that you can have a free overdrafts on Islamic accounts

http://www.independent.co.uk/news/u...rdraft-fee-from-islamic-accounts-9291932.html

 

[groovynooby]

As long as the accounts are available to anyone, which I believe they are, I can't really see an issue.

 

[Whitespirit66]

Don't know if you guys have seen this from Lloyds that you can have a free overdrafts on Islamic accounts

http://www.independent.co.uk/news/u...ee-from-islamic-accounts-9291932.html[/QUOTE]

Nat West were giving away pig-shaped keyrings until recently. They're obviously not pandering to the follwers of the R. O. P.

Seriously, I'm with Lloyds and I was shocked to see leaflets for islamic accounts in my local branch. This may just prompt me to change banks, as the other banks don't offer these types of accounts.

 

[JBR]

Do Lloyds do 'islamic mortgages'?

If so, I'm transferring ours there straight away.

 

[enyam]

Seriously, I'm with Lloyds and I was shocked to see leaflets for islamic accounts in my local branch. This may just prompt me to change banks, as the other banks don't offer these types of accounts.

Yet.

 

[Whitespirit66]

Agree. Only a matter of time.

Slowly: bit by bit..........................

 

[snico]

Its a good thing, i'm with Lloyds and i'm going to get one of them accounts

 

[EddieM]

Do Lloyds do 'islamic mortgages'?

If so, I'm transferring ours there straight away.

Lloyds do sharia compliant mortgages.

 

[JBR]

Do Lloyds do 'islamic mortgages'?

If so, I'm transferring ours there straight away.

Lloyds do sharia compliant mortgages.

Interest free?
And you don't have to be a muslim?

 

[RogueHanger]

Seriously, I'm with Lloyds and I was shocked to see leaflets for islamic accounts in my local branch. This may just prompt me to change banks, as the other banks don't offer these types of accounts.

You would honestly change banks, rather than change accounts with the same bank?
Your wisdom knows no bounds!

Fair play to you though, There's not many that would be prepared to be disadvantaged for a principle.
I salute you on that one. I hope I have the courage to display my belief in principles.

 

[RogueHanger]

Do Lloyds do 'islamic mortgages'?

If so, I'm transferring ours there straight away.

Lloyds do sharia compliant mortgages.

Interest free?
And you don't have to be a muslim?

Check the small print. The hidden conditions may not be in your interest.
Muslims are not allowed, by religious law, to receive or pay interest.
A stupidly simple and world-wide trick is to insist that you retain a minimal balance, say £1000, (for which you cannot receive interest) otherwise charges (for services) will apply.

There are some countries that will allow you to open an account from abroad without being a citizen... you can pay in from abroad, but you cannot pay out to another country except that one in which the account is held, (unless you jump through numerous hoops). Interest may be about 10% on savings but the inflation is about the same or higher.

 

[cajar]

I think the principle of not subsidizing other parties is a fairly logical one, for example a vendor that gives 20% discount to students and oaps is not in my interests to use, as I am subsidizing groups of which I do not belong.

Also, if you had checked the less than small print you'd know there is no minimum balance on the islamic account.

 

[RogueHanger]

Also, if you had checked the less than small print you'd know there is no minimum balance on the islamic account.

I, personally, hadn't checked the small print of any of the Islamic accounts, neither did I suggest that there was this clause in the accounts mentioned.
I'm sure there are other restrictive clauses. I haven't checked and I have no intention of doing so.
I was just refering to the minimim balance, as one such potential clause, that is used in other accounts, world-wide.

If you misunderstood my post, and it was my fault, I apologise.

 

[cajar]

Well on the lloyds site it's on the bullet points of the product. I'd agree and imagine that there may well be other ways they'll get their money back like restrictions on the overdraft limit plus possible 'charges' for using it that are equal to or greater than the interest that would have accrued, ie not interest, which is bad, but something like interest but not called interest therefore acceptable. I would have expected though that if you offered the minimum balance as an objection to the discussion you would have looked at the account first, though everyone makes mistakes.

 

[JBR]

Ah!

"The facility - an alternative to a traditional mortgage - conforms with Islamic law, which forbids both the payment and receipt of interest. Rather than lending money to a customer to buy a property, the bank buys a home for the customer, who then pays the purchase price in monthly instalments.

As the bank is the legal owner of the home, the customer also pays a monthly rent, which decreases as the customer buys the bank's share of the property. Eventually the customer buys out the bank, at which point ownership is transferred."

I don't know how much the 'rent' would be, but perhaps not such a good idea after all. Playing with words to comply with mediaeval beliefs!