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Chuck
08-18-2006, 03:55 PM
BRITAIN'S 2m Muslims use Islamic banking so they can manage their financial affairs without compromising the principles of their faith. But it is also finding a growing following among non-Muslims.

Lorna Knight, who is a Christian, has been with the Islamic Bank of Britain since January 2005. Lorna, 46, a supply teacher in a primary school, says: 'I was disillusioned with my previous bank and heard a radio advert for the Islamic Bank.'

She lives near one of the bank's branches in Ladywood, Birmingham, and decided to drop in to find out more. 'I was made to feel very welcome and initially I was won over by the warm customer service,' she says. 'Maybe it is a cultural thing, but I feel I am being treated as a person rather than a number.'

Sultan Choudhury, director of sales for the Islamic Bank, says: 'One in five applicants for some of our products are non-Muslim. They are attracted to the different philosophy behind our services.'

Islamic products follow the teachings of the Koran, which forbids conventional financial speculation and the payment or receipt of interest. However, there is no bar to profit.

Sharia or Halal savings accounts, for example, work by the bank putting investors' money into 'real' commercial transactions such as buying a stake in a company, then sharing rewards with account holders.

Full article: http://www.thisismoney.co.uk/saving-...5&in_page_id=7
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Trumble
08-18-2006, 05:46 PM
I've no need for 'Islamic banking', obviously, but I must say "I feel I am being treated as a person rather than a number" sounds very promising. I wonder if it will stay like that as numbers of customers increase?
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QuranStudy
08-18-2006, 06:11 PM
Do you even know what Islamic banking is? LOL

I also thought banking was against Buddhism.
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Trumble
08-18-2006, 06:37 PM
I am perfectly aware of what 'islamic banking' is.

Banking is not "against Buddhism", and the vast majority of Buddhists today (monastics excepted) have bank accounts of some sort. To a Buddhist it would not be whether one collects or pays interest that is important, but what they do with money borrowed or invested.
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north_malaysian
08-21-2006, 02:10 AM
When I went to Islamic banks in Malaysia, 1/3 of the clients are Chinese...
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syilla
08-21-2006, 02:13 AM
format_quote Originally Posted by north_malaysian
When I went to Islamic banks in Malaysia, 1/3 of the clients are Chinese...
yup...there is a quite number of non-muslims interested in islamic bankings...but the sad thing is alot of the muslims couldn't care less about islamic banking...
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north_malaysian
08-21-2006, 02:16 AM
format_quote Originally Posted by syilla
yup...there is a quite number of non-muslims interested in islamic bankings...but the sad thing is alot of the muslims couldn't care less about islamic banking...
Yupp... it's true!!!

I've ask several Chinese friends, they said that Islamic Housing Loan is VERY PROFITABLE for a long term period.
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Joe98
08-21-2006, 04:45 AM
format_quote Originally Posted by north_malaysian
I've ask several Chinese friends, they said that Islamic Housing Loan is VERY PROFITABLE for a long term period.
That means the bank's charges are lower than other banks for an investment property.

When the investment property is sold, does the bank take some of the profit?
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north_malaysian
08-21-2006, 04:55 AM
format_quote Originally Posted by Joe98
That means the bank's charges are lower than other banks for an investment property.

When the investment property is sold, does the bank take some of the profit?
I dont know, sorry..
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AvarAllahNoor
08-21-2006, 09:19 AM
Are non-muslims allowed to apply for a mortgage in an Islamic bank?
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syilla
08-21-2006, 09:36 AM
format_quote Originally Posted by AvarAllahNoor
Are non-muslims allowed to apply for a mortgage in an Islamic bank?
yup...its allowed :)
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north_malaysian
08-21-2006, 09:37 AM
format_quote Originally Posted by AvarAllahNoor
Are non-muslims allowed to apply for a mortgage in an Islamic bank?
Islamic Banking has nothing to do with religious ritual. It's secular in nature ... as long as the rules not contrary to Shariah...like usury..
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AvarAllahNoor
08-21-2006, 10:29 AM
format_quote Originally Posted by syilla
yup...its allowed :)
So that means i don't pay any interest on the mortgage?? WAHEY!!:awesome:

*Goes in search of an Islamic bank*
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syilla
08-21-2006, 01:11 PM
^^^lol u r the cute ones... :giggling:
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AvarAllahNoor
08-21-2006, 01:20 PM
format_quote Originally Posted by syilla
^^^lol u r the cute ones... :giggling:
Cute? Me? No! Me BAAAAAADMAN *Gives evil stare* :)
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