Huh, don't get it.

[Cap'n Custud]

http://www.lloydstsbbusiness.com/accounts/islamic....

A Sharia Bank account ??? Huh!

Can anyone help explain this. I see that it is so that money you put it does not get invested in "non sharia investment" but WTF is that when it is at home.


Can I demand a Christian bank account?


PS - I really hope this post doesn't get hit with a barrage of racism. I am just genuinely confused as to why this is necessary and also why there isn't one for other religions....

[satchbot]

I think it's something to do with interest, or lack of it, on loans.

[The_Burg]

It's to do with Muslims not being able to earn money from money.
Still a mortgage just the interest is called rent i believe.
Was quite excited at the idea of interest free mortgage when it first appeared.

[Einion Yrth]

Muslims aren't, doctrinally, too keen on usury. They still effectively lend money at interest mind, they just find other ways of describing the process so that Allah doesn't get upset.

[308mate]

Cap'n Custud said:

http://www.lloydstsbbusiness.com/accounts/islamic....

A Sharia Bank account ??? Huh!

Can anyone help explain this. I see that it is so that money you put it does not get invested in "non sharia investment" but WTF is that when it is at home.


Can I demand a Christian bank account?


PS - I really hope this post doesn't get hit with a barrage of racism. I am just genuinely confused as to why this is necessary and also why there isn't one for other religions....

Its so that people can be assured their savings are not making money off a concern/company that contradicts their religious beliefs. In this case, money itself. (but I guess that would extend to other organisiations that make money from money?).

And your post is over-exclamated, which is proof positive that you are a little bit racialist. Innit.

Edited by 308mate on Monday 12th January 13:21

[crofty1984]

Yeah, it's ursury (The making of money purely from money) This was a no-no in many religions for ages, except Judaism, which is where that particular stereotype comes from.
I think if you get a shaira loan, the bank buy your car from the dealership, then sell it to you for a profit equivalent to what the interest would have been. But the bank are kind so they'll let you pay for your new car in installments. That's OK because thae bank is in theory making money from a legitimate transfer of a physical good.

In practice it's all the same.

[Eddh]

308mate said:

And your post is over-exclamated, which is proof positive that you are a little bit racialist. Innit.

[Einion Yrth]

crofty1984 said:

Yeah, it's ursury

I think that's making money from bears

[off_again]

And a friend in the finance game told me that Sharia loans and stuff have a fantastic record for repayment - easily outstripping the standard interest loans the rest of us get. Very reliable payers.

[bobbylondonuk]

bks!!! IT says that you cant charge intrest.. I agree...but what the banks are doing is terming the intrest as profit. So you buy a product for 110 financed by the bank but you pay 120k altogether including Profit(intrest)...yipeee call a stick a rope and its sharia compliant...

wonderfull!!

[hugoagogo]

I got one of them shakira loans

I asked "how do i pay it back?"

they just said "whenever, wherever"

[chunkymonkey71]

I was in a shop the other day that had Halal and Kosher baby food.

It had never occurred to me before that babies would need such foods.

Could be a lucrative market!

Sorry, I'm digressing. This has feck all to do with banking.

[Cap'n Custud]

Eddh said:

308mate said:

And your post is over-exclamated, which is proof positive that you are a little bit racialist. Innit.

I was overly surprised

[JJCW]

hugoagogo said:

I got one of them shakira loans

I asked "how do i pay it back?"

they just said "whenever, wherever"

shocking, but made me smile!

[Pickled Piper]

JJCW said:

hugoagogo said:

I got one of them shakira loans

I asked "how do i pay it back?"

they just said "whenever, wherever"

shocking, but made me smile!

Yes, thanks for making me smile on an otherwise gloomy Monday afternoon.

pp

[bobbylondonuk]

pay back in installments or pay back full amount when the asset is sold...(interest can be reduced to actual accrued at time of sale, profit added to total cost price at purchase cannot be reduced at time of sale.) So the banks are onto a winner...Shakira loan my arse!!!

[scotal]

anonymous said:

[redacted]

This scholarly income irks you, does it not?

[rude-boy]

useless and possibly wrong fact but, i was once told that one of the main reasons why the Jewish seemed to be over represented in the banking and loan industry since before the time of JC was that theirs was the only major religion which permitted the charging of interest on loans.

[scotal]

rude-boy said:

useless and possibly wrong fact but, i was once told that one of the main reasons why the Jewish seemed to be over represented in the banking and loan industry since before the time of JC was that theirs was the only major religion which permitted the charging of interest on loans.

I think you are right, until the Italians (maybe the Medici, Cossimo de Medici even.) got hold of it and altered a few words, Christianity also forbade usuary. Hence the Jews were allowed to do it, did it, were seen as somehow unclean for doing it, and as such were despised (nothing to do with them raking cash in and a few people gettign a bit jealous, oh no.)

I may be wrong , but I have a feeling that what the orignal bankers did was pretty similar to sharia banking now. i.e they charged no interest, nor did they pay any, it was simply a set of charges that got around the problem.

[Chester Drawers]

anonymous said:

[redacted]

Fully agree, it's a load of eyewash. I've worked on a number of financial deals in the Middle East and they all insist on being Sharia Compliant - you get around it by not charging commissions but levying a "Management Fee" or not charging Interest but charging a higher price to begin with etc etc. All a load of blx but it makes some people happy.