HSBC closing Muslim acounts

[unrepentant]

Hmmm... Wonder how they can do this with the UK's anti discrimination laws?

http://www.bbc.com/news/business-28553921

[gpo746]

Finsbury Park mosque .......hmmm..........

On another note they haven't closed my business account so that's all cushty.

[anonymous-user]

Well they just sold one of my accounts to a bank in Bermuda and I'm an athiest!

[Moonhawk]

Aren't "western" banks with their interest charges etc haram anyway?

[0000]

unrepentant said:

Wonder how they can do this with the UK's anti discrimination laws?

Probably because it's not due to discrimination.

[BrassMan]

I always assumed that it was the same as Judaism and Christianity. Lending money at interest to the faithful was forbidden, not borrowing at interest?

[technogogo]

The account holders, or those with similar names or mistaken associations may simply have shown up in one of many third party databases that financial firms have to check.

For example: https://www.gov.uk/government/publications/financi...

A kind of financial no fly list.

[anonymous-user]

0000 said:

unrepentant said:

Wonder how they can do this with the UK's anti discrimination laws?

Probably because it's not due to discrimination.

Probably more due to US Anti money laundering/terrorism regulations!

[BlackLabel]

Perhaps they are looking at ways to free up some time so they can concentrate more on their Drug Lord clientele.

[unrepentant]

0000 said:

unrepentant said:

Wonder how they can do this with the UK's anti discrimination laws?

Probably because it's not due to discrimination.

Do you think those of other denominations are receiving similar missives?

[Beati Dogu]

They'll have to use a piggy bank now.

[grumbledoak]

BlackLabel said:

Perhaps they are looking at ways to free up some time so they can concentrate more on their Drug Lord clientele.

To be fair, the hospitality events are more fun.

[Ray Luxury-Yacht]

Beati Dogu said:

They'll have to use a piggy bank now.

Harsh....but funny...

[Du1point8]

Guam said:

unrepentant said:

Do you think those of other denominations are receiving similar missives?

I suspect after the US fines, any individual or business where they cant be certain of the funding sources and ultimate destinations will be fair game.

One cannot expect financial institutions to shoulder the risks of those magnitude of fines without there being some repercussions.

Sounds like its the same thing that happened when it came round to the embassies...

http://www.independent.co.uk/news/uk/home-news/hsb...

Couldn't trust them not to do things under their immunity that are dodgy, HSBC got fined, HSBC gets rid of them all as a risk.

Muslim accounts that could be linked to terrorists... then HSBC gets the fine... then HSBC closes Muslim accounts due to risk and the fines it will get.

[0000]

unrepentant said:

Do you think those of other denominations are receiving similar missives?

If they have sufficiently similar account activity picked up at the same time, I'm sure they would be. If not, I don't see why they should include a few Jewish people in just to make it fair.

Do you think they've closed the accounts of all their Muslim customers?

[Jimmyarm]

Moonhawk said:

Aren't "western" banks with their interest charges etc haram anyway?

HSBC has/had a substantial Muslim client base, I was involved in part of setting up the Insurance offering that went with their 'Shariah Mortgages'.

The mortgages where amusing, they basically ended up paying exactly the same as everyone else but it was just called rent instead Completely pointless tbh, yes it's against their religion to pay interest but they are paying it all the same, just under a different name.

[Muntu]

Jimmyarm said:

The mortgages where amusing, they basically ended up paying exactly the same as everyone else but it was just called rent instead Completely pointless tbh, yes it's against their religion to pay interest but they are paying it all the same, just under a different name.

And they believe that their all seeing, all knowing God won't figure out what they are up to? Jesus wept.

[Mr_B]

I hate to ask the obvious question, but has HSBC closed a load of accounts, but where some of which are linked to Muslims or Islamic organisations. Do we know what this represents of a total number they are closing ?

[Sheepshanks]

unrepentant said:

Do you think those of other denominations are receiving similar missives?

Google "HSBC closed my account".

[unrepentant]

Sheepshanks said:

unrepentant said:

Do you think those of other denominations are receiving similar missives?

Google "HSBC closed my account".

I have HSBC accounts in the UK and the USA and sometimes transfer reasonably large amounts of money between them. Should I expect a letter?