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In accordance with Shariah law, there are no credit or debit interest charges for the Islamic account. We do not use the money you keep with us for any interest based business activities.
Yep that's right if you are apart of the Islamic faith Lloyds TSB wont charge you credit or debit fees oh and they wont pass on your details to internet based business activities, now if only us Christians and Hindu's could benefit from these services!
Quote:
At Lloyds TSB we know that everyone has different needs when it comes to banking. That’s why we have developed a suite of Shariah approved products for our customers who wish to bank ethically.
Does that mean that the currently banking system isn't ethical? Or are christians not ethical?
So you want an Islamic account? Here are some of the benefits.
A dedicated telephone team
No minimum balance and no monthly fee
Interest free
No account maintenance fees.
Good news though you only have to eighteen or over to get this service:
Quote:
"To apply for an Islamic current account you must be at least 18 years old."
Why is interest forbidden in Islam? During the time of the Prophet Muhammad (peace be upon him), many people made gains by lending money at extortionate
rates. They made financial gain at the expense and misfortune of others. As a result, the payment of interest was forbidden
because it was unjust.
Islam teaches that money must be used in a useful way. You can’t make money from money. But you can generate wealth
through legitimate trade in goods and items. But you must share the risks and rewards.
Quote:
If my Islamic Account is interest-free, how does it work? Your money is kept in accordance with Shariah. This means that we don’t use the money you keep with us for any interest
based business activities.
As with all bank accounts, you should manage your Islamic Account in a responsible way. If you do go overdrawn we will
charge you a fee.
Details of these charges can be found at: http://www.lloydstsb.com/rates_and_charges.asp You can also call us on 0845 6007 786 or visit one of our branches.
Because charging interest is prohibited in Islam, we don’t offer an interest-based overdraft on the Islamic Account.
I do think it seems they are saying non-islamic banking is not ethical, buy conforming to this "Islamic Banking" - however I think it is well within human rights that anyone regardless of faith should be able to use this service - I think in the European Court of Human Rights, the latter would win.
Good news though you only have to eighteen or over to get this service:
And, you have to be a UK resident.
Quote:
Ready to apply?
It only takes 10 minutes to apply online. You need to be 18 and over, a UK resident and free from any county court judgements. Existing LloydsTSB credit card customers please read this important information. (This link will open in a new browser window).
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