Monday, April 02, 2007
FWIW - Lloyds TSB starts Islamic bank accounts
Apr 3, 2007, LONDON, England (UPI) -- British banking and insurance company Lloyds TSB Group PLC has established a bank account for businesses that follow Islamic law.
The bank started the Islamic business and corporate account after research showed three-fourths of Britain`s Muslim population was interested in Islamic financial services, the bank said in a statement.
To ensure the Islamic account fully complies with Islamic law, Lloyds TSB has consulted with a board of renowned Islamic scholars, it said. [Maybe they say who that board is somewhere and that knowledge could help - Sunni, Shia, Wahabi or what ? And that is just a few possiblities. To consider a less contentious comparison in Christianity, would a Christian Bank be Mormon, Holy Roller, Pentecostalist or even the Roman Catholic Bank of St. Gerry Adams, if something of the kind exists. Also, if the board contains public figures like for example the Sudanese born Zeinab Badawi, that could have good and bad factors in any consideration.] The account will be available to customers at all 2,000 bank branches, said Lloyds TSB, Britain`s fifth-largest bank.
I'm no expert on Islamic law and from a purely personal viewpoint could care less but is this substance or shadow, e.g. we looked at the whole idea impartially some time ago and I wondered whether such a bank should be, essentially, controlled by infidel misrepresenters of the faith like Lloyds. Sounds a bit like an amusing gimmick. It's been tried many times before in the West, by the way.
And, so did BCCI once have such a Bank, I understand....
According to other reports Lloyds has followed this up with an Islamic mortgage and investment fund, which avoids investment in companies involved in alcohol, pornography, weaponry and gambling. Like the current accounts the business account will pay or charge no interest and there will be no overdraft facility, forbidden by the Koran. Could be a good thing, generally speaking.
IMO: For those concerned with faith issues, that bank may be better than nothing, but after BCCI I would remember the old adage - "When the Greeks bring gifts, beware ".
People of the Islamic disposition may also like to know that many non Muslims (not me) are opening an account with the bank, apparently sensible enough reasons being given here.
The bank started the Islamic business and corporate account after research showed three-fourths of Britain`s Muslim population was interested in Islamic financial services, the bank said in a statement.
To ensure the Islamic account fully complies with Islamic law, Lloyds TSB has consulted with a board of renowned Islamic scholars, it said. [Maybe they say who that board is somewhere and that knowledge could help - Sunni, Shia, Wahabi or what ? And that is just a few possiblities. To consider a less contentious comparison in Christianity, would a Christian Bank be Mormon, Holy Roller, Pentecostalist or even the Roman Catholic Bank of St. Gerry Adams, if something of the kind exists. Also, if the board contains public figures like for example the Sudanese born Zeinab Badawi, that could have good and bad factors in any consideration.] The account will be available to customers at all 2,000 bank branches, said Lloyds TSB, Britain`s fifth-largest bank.
I'm no expert on Islamic law and from a purely personal viewpoint could care less but is this substance or shadow, e.g. we looked at the whole idea impartially some time ago and I wondered whether such a bank should be, essentially, controlled by infidel misrepresenters of the faith like Lloyds. Sounds a bit like an amusing gimmick. It's been tried many times before in the West, by the way.
And, so did BCCI once have such a Bank, I understand....
According to other reports Lloyds has followed this up with an Islamic mortgage and investment fund, which avoids investment in companies involved in alcohol, pornography, weaponry and gambling. Like the current accounts the business account will pay or charge no interest and there will be no overdraft facility, forbidden by the Koran. Could be a good thing, generally speaking.
IMO: For those concerned with faith issues, that bank may be better than nothing, but after BCCI I would remember the old adage - "When the Greeks bring gifts, beware ".
People of the Islamic disposition may also like to know that many non Muslims (not me) are opening an account with the bank, apparently sensible enough reasons being given here.
# posted by uv : 8:59 PM
Subscribe to Posts [Atom]
