Islamic banking in the UK

Ramrod · 09-08-2004, 16:46

Opening soon

Quote:

Banking regulators say they have given permission for the UK's first purely Islamic bank to start operating.

Chris W · 09-08-2004, 16:52

anyone know of any purely Christian banks? or purely Jewish banks? or Sikh? Hindu? Buddhist?

Theodoric · 09-08-2004, 17:01

Quote:

Originally Posted by monkeybreath

anyone know of any purely Christian banks? or purely Jewish banks? or Sikh? Hindu? Buddhist?

Well, there is the Vatican Bank which, in recent years, seems to have made a habit of being sued.

Ramrod · 09-08-2004, 17:12

Unless I'm mistaken, anyone can join the bank........

Theodoric · 09-08-2004, 17:19

Quote:

Originally Posted by Ramrod

Unless I'm mistaken, anyone can join the bank........

Quite probably; it was the best I could come up with on the spur of the moment But it is a Christian Bank (although some of its banking methods would seem to leave something to be desired).

punky · 09-08-2004, 18:35

Quote:

Originally Posted by monkeybreath

anyone know of any purely Christian banks? or purely Jewish banks?

If you speak to the Klan, they believe all the banks are Jewish, or owned by Jews.

kronas · 09-08-2004, 22:22

quite an interesting development, not a real diffarence to the majority, but those wanting to bank and want to conform to the laws of sharia can now do so.

i would translate but i would proberbly get modded

Matth · 09-08-2004, 22:25

So the bank can make money on a basis that sounds like HP, but cannot charge interest on a loan - sounds like pure hypocrisy in getting around their own rules, when they find them an inconvenience.

SOSAGES · 10-08-2004, 13:07

didnt all the jews 1000's of years ago get to be rich/bankers due to christians (or some other religion) having a policy of helping their fellow church mates - so if they needed money all they had to do was ask and a load of them didnt like doing it so they gave the money to the jews who looked after it for them and thats why they are bankers..

or did i dream it all...

neel2k · 10-08-2004, 13:32

Quote:

Originally Posted by Matth

So the bank can make money on a basis that sounds like HP, but cannot charge interest on a loan - sounds like pure hypocrisy in getting around their own rules, when they find them an inconvenience.

But the bank needs to make money somehow, if it doesnt charge then how can it afford to keep it's branches open and pay it's employees.

Flubflow · 10-08-2004, 13:43

Quote:

Originally Posted by Theodoric

Well, there is the Vatican Bank which, in recent years, seems to have made a habit of being sued.

There's a good pun in there.

**Chris** · 10-08-2004, 13:56

Quote:

Originally Posted by SOSAGES

didnt all the jews 1000's of years ago get to be rich/bankers due to christians (or some other religion) having a policy of helping their fellow church mates - so if they needed money all they had to do was ask and a load of them didnt like doing it so they gave the money to the jews who looked after it for them and thats why they are bankers..

or did i dream it all...

Jews became bankers because centuries ago that was one of the few professions they weren't banned from pursuing.

The basis of the Islamic bank is the idea that it is unlawful to make money out of money, which is what interest is (along with certain kinds of stock market speculation). Interestingly, there is a similar prohibition in the Old Testament Law given to Israel. The Islamic bank does indeed seem to run what is effectively a Hire Purchase system, which means that they are making their money by selling you goods at a profit, rather than by lending you the money at a profit.

Theodoric · 10-08-2004, 19:59

Quote:

Originally Posted by Flubflow

There's a good pun in there.

It would have been even better if I'd managed to spot it. However, there's nun so blind . . .