Lloyds TSB Islamic bank accounts
16-March-2010
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Lloyds TSB Islamic bank accounts

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OK...ENOUGH is ENOUGH! I just read in the Daily Mail that Muslims do NOT have to pay any interest on their Lloyds TSB bank accounts if they go overdrawn because Sharia Law (which doesn't apply in the UK) does not allow interest to be charged.

This is what it says on the current account charges section of the Lloyds TSB website - "In some instances, where we do agree to cover that payment by giving you an Unplanned Overdraft you will incur a management fee for us providing and managing this (but you will not be charged interest).  This monthly management fee will be £15 and will apply if you have or make use of an Unplanned Overdraft at any time during a monthly billing period."  You can find out more information about the product here.

Lloyds tsb islamic bank accounts

There are hundreds of reader's comments about it in the paper and I'm willing to bet that a large number of current Lloyds TSB customers will be off to close their accounts on Monday morning in protest.  But hang on a minute.  Isn't it also true.that anyone can open one of these accounts irrespective of religion?  In that case are we going to see a load of people heading down to Lloyds TSB on Monday to open an Islamic account?  The queues outside the bank will be enormous and the computers will probably crash under the pressure!

I've had a look at the Lloyds TSB website and it certainly seems to be the case that any British person with a regular bank account would have to pay in the region of £200 a month in interest if they go overdrawn with an unplanned overdraft, but a Muslim with an Islamic account is only charged a "management fee" of £15 on those occasions.  So once again this country is embracing segregation by implementing a two-tier banking system!  This is just what we need to restore our faith in banks!

By: Unabryn


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Islamophobia at its best, it is well too obvious that the author of the article is been emotional rather than subjective. Unabryn, you got to acquire a full understanding of the Islamic law and Lloyds TSB in regards to Islamic law before you start unleashing an unfounded and pitiful attack on Islam and muslims. Happy researching Unabryn....
*Saladdin  26-Feb-2010 11:53

 
PaulJar - finally, someone who doesn't speak utter drivel. Why can't others check the facts before commenting.

Lloyds aren't making special concessions to muslims. As Paul mentions, there is no overdraft facility with this account.

I suspect Lloyds aren't doing this to curry favour with the muslim population. Rather it has seen a gap in the market, which is currently being served by a small minority of islamic banks and thought, lets enter this market, expand our product portfolio and make the bank even more money. What exactly is the issue here?
*Ace Mcloud  17-Dec-2009 12:25

 
This is not fear. Muslims should respect UK law once they live here. I'm goung to close my bussines with this bank.
*Mindy  17-Nov-2009 12:16

 
I want a bank account that follows the Darwinian Laws of Evolution, that is if I deposit 1 penny in such an account will it after a trillion years evolve into a luxury billionaire's yacht, or will it become extinct.

In a British Bank with the present government I expect it will inflate out of existence.
*Will Muslims Ever Evolve?  12-Nov-2009 21:03

 
You might want to get your facts right on this people. The Islamic account doesn't have a planned overdraft available - unless you pay one of the fees for a special account level (which is available to everyone, not just under the Islamic account). The management fee is for unplanned overdrafts and on top of that you get charged the daily fees etc, just like everyone else. So, Unabryn, try researching before you spout off on stuff you clearly know nothing about. Try, for example, checking the website of said bank and see for yourself. I quote "Islamic Free All the main Classic account benefits. No interest paid or received (in accordance with Shariah law) and this means no Planned Overdraft available. Money managed in a Shariah way." Check this out - http://www.lloydstsb.com/media/lloydstsb2004/pdfs/m56018_0909_islamic_account_welcome_pack.pdf - see anything about a free overdraft? No - that's cause there ain't one.

And before you ask - no, I'm not Muslim - I'm a white guy who gets pissed off with people who spout off bigoted crap when they know nothing about it.
*PaulJar  12-Nov-2009 20:41

 
I am shocked that people still believe what they read in so- called newspapers like 'the Daily Heil'. These rags are infamous for distortion, hyperbole and hate- mongering. Those who want to know the truth about 'the Daily Heil' should visit: www.mailwatch.co.uk/category/immigration/
*islamophobiasucks  30-Sep-2009 13:47

 
Well said. I have only just found out about this "Islamic ( sharia law ) account" I have been with the TSB Bank for 54 years when it was named Municipal Bank. So, apart from being disgusted at the discrimination aimed at every person who is not Islamic, I will have the pleasure of going to the bank to close my savings account ( with a fair amount of money in it ) AND, to tell them the reason why
*ben  26-Sep-2009 23:45

 
The UK is NOT an Islamic country. If lloyds tsb are going to allow such bank accounts complying with laws which are not permited in the UK then they should consider other religions. Where is the Christian account? Or what about the Jewish or Sikh account?....
Everyone has the right to live in the UK. What would happen if I wanted to go to Mekkah, where there are signs which say non muslims and muslims only? I wonder if the Saudi government would allow me to open a christian buiding society or bank. Maybe the Saudi government would allow me freedom to roam there country as a non muslim.
*Proud to be British  14-Sep-2009 14:57

 
I dont think the banks made them to target a specific market, I think they have been forced to create them over presure from being seen as racist. something that in many occassions goes too far in the oppossite direction..

People are now so scared to be called rasict that they over compensate and these ethinic minorities get better treatment than anyone else. ! ! !
*Anti Religion  09-Sep-2009 14:19

 
Anti religion, you're being a bit racist there. I can well appreciate the "when in rome" statement and personally I think the bank accounts should have been called "basic credit only bank accounts" or something similar rather than Islamic bank accounts, although I suspect they wanted to target a specific audience by calling them that.
*Ned  09-Sep-2009 13:39

 
No wonder the dirty muslims flock to this country.

You wouldn't go to another country and expect special treatment !
Now they come to the UK and complain when they are tols to take their hoods and scarfs off and they can't have anything with pork in it and they can't do this or that !!!

Somone tell these bloody muslims, "when in rome"
Stop expecting the world to accommodate you !!!
*Anti Religion  09-Sep-2009 12:59

 
A Muslim community leader who claimed he was abducted and told to stop prayer meetings in Essex has been charged with perverting the course of justice.

Noor Ramjanally, 36, of Loughton, Essex, has been charged by police on advice from the CPS.

Mr Ramjanally told officers in August that he had been bundled into a car at knife-point by two white men.

He also claimed he was the victim of a terror campaign which involved threats against his family.

Mr Ramjanally has been released on police bail and is due before magistrates in Harlow on 16 September 2009.
*Terry  04-Sep-2009 12:28


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