Lloyds: No overdraft fees for muslims

So is this just an account where interest is replaced by flat fees?

If so, every Halifax current account has been like that for years.
 
Skeeter said:
So is this just an account where interest is replaced by flat fees?

If so, every Halifax current account has been like that for years.
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It does differ from many current accounts in that you can earn no interest for your account when it is in credit though - the main difference being this is an explicit provision rather than the accidental inability to earn interest due to the prevailing economic conditions.

I don't know what the terms are for the Halifax current account so it may be that it broadly (or absolutely) complies with Shariah principles anyway but sometimes it helps companies to have products explicitly marketed to certain segments.

As for the original point - I don't see why Lloyds shouldn't offer products that cater to its target market provided there is no illegality in what it is offering. It's a commercial decision for them to make, with the possible input from shareholders (which does include the UK Government at the moment).
 
Monkeynut said:
I don't see why we should have special bank accounts for people who believe in imaginary friends.
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If you don't understand why a bank is feeling the need to cater towards a significant religious minority with slightly tailored needs then you basically have the IQ of a carrot. Like the OP.
 
They are a large commercial retail bank, not some lefty religious nut job group - they will have calculated all the fees/benefits of this account (linked to other products they can sell off the back of it) and decided it will make them money.

Just like the coop (and no doubt many more I am not aware of) who sell ethical products that do not invest in weapons or tobacco (or whatever else you feel is destroying the world).

Where is the thread complaining about special accounts for the un-washed liberals crying into their soy latte about child soldiers in Cambodia?
 
I am constantly on my overdraft.... I welcome my new Muslim overlord :D

أرحب المسلمة الجديدة الصيهوني
 
It is stupid but yes it isn't new.

id probably swap to one of these if i was looking to get into some sensible short term debt..
 
bazzabear said:
It's somewhat reassuring that the majority of posters are pointing out the stupidity of this complaint.
Maybe there is hope after all.
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Trust me, I am the first to shout my disapproval when religious needs are catered for at the clear expense of others, it really gets my goat, but this is simply not one of those circumstances, and I am an objective guy.
 
This isn't that different from a basic bank account, but without the stigma of being unable to obtain any other type of account.
 
I don't think think they should be marketing it explicitly as an 'Islamic Bank Account'.

More so something like a 'no frills' name/selling point and state that it is shariah/Islamic compliant.

A Muslim colleague mentioned shariah mortgages too, but no idea how that'd work, he wasn't sure himself and he is a devout Muslim.
 
TommyV said:
A Muslim colleague mentioned shariah mortgages too, but no idea how that'd work, he wasn't sure himself and he is a devout Muslim.
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Two main ways.

The bank charges you more for the house than it is worth and you have to pay it back in monthly instalments.

The bank charges you are rent whilst you are paying off the mortgage amount.

Interest isn't allowed, but charges are. In reality it is all a bit of a fudge and mostly seems to be a semantic thing so it can only really work if you think God cares about semantics.
 
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