Newbie 0 #1 September 22, 2004 Islamic Bank opens in UK I understand about principles of sharia, but what are we going to get next? Christian banks that offer a free dashboard Jesus with account openings? Jewish banks that close for Sabbath on friday night and don't allow staff to answer phones or come in on saturday? Buddhist banks that allow no money to pass into their hands because of the materialality it symbolises? Good/bad idea? Enlighten me please. "Skydiving is a door" Happythoughts Quote Share this post Link to post Share on other sites
Red_Skydiver 0 #2 September 22, 2004 I can't see anything wrong with it. If people want a plastic dashboard Jesus as a freebie for openeing an account etc then let them have it. It might actually have a beneficial affect and make other banks re-think their ethics about investing etc. We live in a free society so why not? Competition is healthy however and if there is only one bank from each religion then it kind of restricts your choice a little ..... but then that's religion for you anyway! Quote Share this post Link to post Share on other sites
nigel99 466 #3 September 22, 2004 Seriously it worries me how the UK authorities pander to the muslims. Heck I am not saying that all muslims are bad - but if you want to live in the UK then YOU fit in - do not expect US to change for you. [/rant] btw - I am an "immigrant" to the UK so I am not a hard-core BNP supporter - just UKIPExperienced jumper - someone who has made mistakes more often than I have and lived. Quote Share this post Link to post Share on other sites
Red_Skydiver 0 #4 September 22, 2004 QuoteSeriously it worries me how the UK authorities pander to the muslims. Heck I am not saying that all muslims are bad - but if you want to live in the UK then YOU fit in - do not expect US to change for you. [/rant] btw - I am an "immigrant" to the UK so I am not a hard-core BNP supporter - just UKIP You're forgetting ithe UK is a democracy Quote Share this post Link to post Share on other sites
Newbie 0 #5 September 22, 2004 is this something you would not see by law in the US then? "Skydiving is a door" Happythoughts Quote Share this post Link to post Share on other sites
nigel99 466 #6 September 22, 2004 I am in the UK...Experienced jumper - someone who has made mistakes more often than I have and lived. Quote Share this post Link to post Share on other sites
Newbie 0 #7 September 22, 2004 i know, i was just curious to know if this was something the US, or another European nation would not permit, to your knowledge. "Skydiving is a door" Happythoughts Quote Share this post Link to post Share on other sites
mr2mk1g 10 #8 September 22, 2004 I don't see the problem. It's not really any different to any other Bank. We have en English Bank, a Scottish Bank; we even have a Bank for Yorkshire men. Many institutions have stated best practices when it comes to investment. The Body Shop only invests in firms who are nice to fluffy animals for example. I think it’s the CoOp (also a bank) that states it doesn’t invest in arms co’s etc. So what we have here is essentially a bank with a name which appeals to a certain segment of society (nothing at all unusual there) that has stated ethics when it comes to investment (again nothing at all unusual there). The only difference is that in this instance the Bank is relying on an outside “agency” to come up with its investment ethics. If you count banks that use advertising agencies to come up with their investment ethics for them (I'm sure they exist) then not even that is unusual. Quote Share this post Link to post Share on other sites
nigel99 466 #9 September 22, 2004 the UK is a democracy BUT it appears to me that by and large politics is dominated by minority interests here to name one example why is there a "black police officers society" allowed that does not allow non black membership? Why are minority special interests put so highly on the agenda? Are there Irish police-officer only clubs or jordie only? Seriously I am not condoning bashing minorities they need to be protected from abuse. Remember the head of the racial equalities commission and how he had to resign for abusing a police officer at the cricket pitch - then he gets a £100K golden handshake for breaking the law... Just doesn't sit right with meExperienced jumper - someone who has made mistakes more often than I have and lived. Quote Share this post Link to post Share on other sites
Newbie 0 #10 September 22, 2004 are youi talking about Ali Dizaei? I thought he was cleared off all charges, no? "Skydiving is a door" Happythoughts Quote Share this post Link to post Share on other sites
Red_Skydiver 0 #11 September 22, 2004 QuoteSeriously it worries me how the UK authorities pander to the muslims. Heck I am not saying that all muslims are bad - but if you want to live in the UK then YOU fit in - do not expect US to change for you. [/rant] btw - I am an "immigrant" to the UK so I am not a hard-core BNP supporter - just UKIP If you are an immigrant to the UK and advocate the fact that immigrants should fit in with our society then you had better get used to the fact that we are more or less free to do what we like in the UK such as setting up a religous bank. So long as it's within the remit of the law it should be allowed. Quote Share this post Link to post Share on other sites
nigel99 466 #12 September 22, 2004 your right - I actually went off cause it's a general trend here and I find it strange how cautious ppl here are about being "patriotic" in the american sense of the word. I don't actually mind the bank, mosques etc. I just don't fancy my life being dominated by minority interest groups ...Experienced jumper - someone who has made mistakes more often than I have and lived. Quote Share this post Link to post Share on other sites
mr2mk1g 10 #13 September 22, 2004 Yeah - I say Nuke the unborn gay whales! Quote Share this post Link to post Share on other sites
wmw999 2,439 #14 September 22, 2004 QuoteYeah - I say Nuke the unborn gay whales Nah -- club 'em to death with baby seals Wendy W.There is nothing more dangerous than breaking a basic safety rule and getting away with it. It removes fear of the consequences and builds false confidence. (tbrown) Quote Share this post Link to post Share on other sites
Nightingale 0 #15 September 22, 2004 I don't have a problem with it. Islam requires specific things of its financial institutions, and there's nothing wrong with a business stepping in to fill that need. We have Islamic banks here in the US: Abrar Investments, Inc., Stamford CT Al-Baraka Bancorp Inc. Chicago Al-Madina Realty, Inc., Englewood NJ Al-Manzil Islamic Financial Services Amana Mutual Funds Trust, State St. Bellingham WA Ameen Housing Co-operative, San Francisco American Finance House Bank Sepah, Iran BMI Finance & Investment Group, New Jersey Dow Jones Islamic Index Fund of the Allied Asset Advisors Funds Failaka Investments, Inc., Chicago IL Fuloos Incorporated, Toledo OH Hudson Investors Fund, Inc., Clifton NJ MSI Finance Corporation, Inc., Houston TX Samad Group, Inc., Dayton OH Shared Equities Homes, Indianapolis IN HSBC, USA MEF Money, USA Islamic Credit Union of Minnesota, (ICUM) United Mortgage Islamic banks are also present in the following countries: Albania, Algeria, Australia, Bahamas, Bahrain, Bangladesh, British Virgin Islands, Brunei, Canada, Cayman Islands, Cyprus, Djibouti, Egypt, France, Gambia, Germany, Guinea, India, Indonesia, Iran, Iraq, Italy, Ivory Coast, Jordan, Kazakhstan, Kuwait, Lebanon, Luxembourg, Malaysia, Mauritania, Morocco, The Netherlands, Niger, Nigeria, Oman, Pakistan, Palestine, Philippines, Qatar, Russia, Saudi Arabia, Senegal, South Africa, Sri Lanka, Sudan, Switzerland, Tunisia, Turkey, Trinidad and Tobago, United Arab Emirates, United Kingdom, United States, Yemen. -Journal of the Academy of Business and Economics We also have Christian banks here in the US: http://www.americaschristiancu.com/site/about.html I know there are others as well, I just don't have time to look them all up. Quote Share this post Link to post Share on other sites
Skyrad 0 #16 September 22, 2004 Islamic bank works on the Sharia laws which means they can't charge or give interest, sounds like a great place for a loan to me!When an author is too meticulous about his style, you may presume that his mind is frivolous and his content flimsy. Lucius Annaeus Seneca Quote Share this post Link to post Share on other sites
Newbie 0 #17 September 22, 2004 or a mortgage! Surely there has to be a catch though. "Skydiving is a door" Happythoughts Quote Share this post Link to post Share on other sites
Jimbo 0 #18 September 23, 2004 QuoteIslamic bank works on the Sharia laws which means they can't charge or give interest, sounds like a great place for a loan to me! How do they stay in business? - Jim"Like" - The modern day comma Good bye, my friends. You are missed. Quote Share this post Link to post Share on other sites
peacefuljeffrey 0 #19 September 23, 2004 QuoteQuoteYeah - I say Nuke the unborn gay whales Nah -- club 'em to death with baby seals Wendy W. And then feed the Homeless to the Hungry. -Jeffrey-Jeffrey "With tha thoughts of a militant mind... Hard line, hard line after hard line!" Quote Share this post Link to post Share on other sites
peacefuljeffrey 0 #20 September 23, 2004 QuoteI don't have a problem with it. Islam requires specific things of its financial institutions, and there's nothing wrong with a business stepping in to fill that need. We have Islamic banks here in the US... I wonder, do they have a month-long Ramadan bank holiday? Sign in window: "Closed for Ramadan See you next month" -Jeffrey-Jeffrey "With tha thoughts of a militant mind... Hard line, hard line after hard line!" Quote Share this post Link to post Share on other sites
Nightingale 0 #21 September 23, 2004 probably not... most Ramadan activities seem to be in the evening, and muslims generally continue to work during the month. Quote Share this post Link to post Share on other sites
peacefuljeffrey 0 #22 September 23, 2004 Quoteprobably not... most Ramadan activities seem to be in the evening, and muslims generally continue to work during the month. BLASPHEMERS!! So I guess that during Ramadan, it might be hard to get late-night customer service on the bank's 800 number... -Jeffrey-Jeffrey "With tha thoughts of a militant mind... Hard line, hard line after hard line!" Quote Share this post Link to post Share on other sites
crozby 0 #23 September 23, 2004 Good idea. BBC Newsnight last night indicated that customers saving with this bank would get a significantly higher amount of interest on their money than with the traditional UK banks. If they operate in the same way with mortgages then I'm going to switch mine. Assuming I don't have to become a muslim to use the bank. Quote Share this post Link to post Share on other sites
miked10270 0 #24 September 23, 2004 QuoteGood idea. If they operate in the same (Sharia) way with mortgages then I'm going to switch mine. Assuming I don't have to become a muslim to use the bank. Likewise! They have stated that their services are open to everyone. I'm guessing that you'll be "expected" to buy into a set amount of commodities every month which will be traded until you've paid the loan and the "administration fees". Either way, I'm gonna bet that the rate will be fair, and the bank's trading practices will be ethical.... So yeah, I'll bank with them. Mike. Taking the piss out of the FrenchAmericans since before it was fashionable. Prenait la pisse hors du FrançaisCanadiens méridionaux puisqu'avant lui à la mode. Quote Share this post Link to post Share on other sites
Zoter 0 #25 September 23, 2004 QuoteIslamic bank works on the Sharia laws which means they can't charge or give interest, sounds like a great place for a loan to me! Damn !...where do I sign up !!!! God is greatest....!!! gotta learn to say that in arabic I guess... Quote Share this post Link to post Share on other sites
