× Register Login What's New! Contact us
Results 1 to 10 of 10
  1. #1
    strider's Avatar
    Join Date
    Apr 2005
    Location
    West Midlands, England, United Kingdom
    Religion
    Unspecified
    Posts
    1,147
    Threads
    7
    Reputation
    2706
    Rep Power
    93
    Likes (Given)
    0
    Likes (Received)
    1

    First Islamic UK business account

    Report bad ads?

    First Islamic UK business account


    [IMG][/IMG]

    Lloyds TSB is to offer the UK's first business bank account which complies with Islamic law throughout its 2,000 strong branch network.

    The accounts will not pay interest in order to meet the requirements of Islamic Sharia law.

    In addition, money held in the accounts cannot be invested in certain industries such as gambling or alcohol.

    Lloyds TSB has targeted the Muslim community with other Sharia-compliant financial products since 2005.

    The bank already offers an Islamic current account, student account, mortgage and investments funds to non-business customers.

    Accounts shunned

    Members of Britain's Muslim community own an estimated 100,000 businesses.

    Traditionally, some Muslim business people have shunned mainstream financial services and High Street banks because their products do not comply with Sharia law.

    Under Sharia Islamic law, making money simply from money - such as charging interest - is usury, and is not permitted.

    Instead, wealth should be generated only through legitimate trade and investment in assets.

    Investment in companies involved with alcohol, gambling, tobacco and pornography is also strictly off limits.

    Shazia Saleem, 23, an Halal food entrepreneur, welcomed the launch of a Sharia-compliant bank account.

    "It means a lot to me that I now have the option of banking in line with my faith," Ms Saleem said.

    "Islam is a way of life for me... so it is important that I am comfortable with every aspect of the way it (the bank account) is run," she added.

    Q & A: Islamic Finance

    Source



  2. Report bad ads?
  3. #2
    Uthman's Avatar
    Join Date
    Jan 2005
    Location
    Warrington, England
    Gender
    Male
    Religion
    Islam
    Posts
    5,513
    Threads
    691
    Reputation
    53765
    Rep Power
    124
    Likes (Given)
    20
    Likes (Received)
    69

    First Islamic UK business account


    First Islamic UK business account

    Lloyds TSB is to offer the UK's first business bank account which complies with Islamic law throughout its 2,000 strong branch network.
    The accounts will not pay interest in order to meet the requirements of Islamic Sharia law.


    In addition, money held in the accounts cannot be invested in certain industries such as gambling or alcohol.
    Lloyds TSB has targeted the Muslim community with other Sharia-compliant financial products since 2005.
    The bank already offers an Islamic current account, student account, mortgage and investments funds to non-business customers.

    Accounts shunned




    PRINCIPLES OF ISLAMIC BANKING
    All money must be invested in industries Muslims consider ethical
    The giving or receiving of interest is forbidden
    Money cannot be simply traded for money
    Money can be used to buy goods or services, which can then be sold for a profit


    Members of Britain's Muslim community own an estimated 100,000 businesses.


    Traditionally, some Muslim business people have shunned mainstream financial services and High Street banks because their products do not comply with Sharia law.


    Under Sharia Islamic law, making money simply from money - such as charging interest - is usury, and is not permitted.
    Instead, wealth should be generated only through legitimate trade and investment in assets.


    Investment in companies involved with alcohol, gambling, tobacco and pornography is also strictly off limits.


    Shazia Saleem, 23, an Halal food entrepreneur, welcomed the launch of a Sharia-compliant bank account.
    "It means a lot to me that I now have the option of banking in line with my faith," Ms Saleem said.
    "Islam is a way of life for me... so it is important that I am comfortable with every aspect of the way it (the bank account) is run," she added.



    Story from BBC NEWS:
    http://news.bbc.co.uk/go/pr/fr/-/1/h...ss/6518433.stm

    Published: 2007/04/02 23:00:11 GMT

    © BBC MMVII

    postamble();
    First Islamic UK business account


    "I spent thirty years learning manners, and I spent twenty years learning knowledge."

    ~ 'Abdullāh bin al-Mubārak (rahimahullah)

  4. #3
    Uthman's Avatar
    Join Date
    Jan 2005
    Location
    Warrington, England
    Gender
    Male
    Religion
    Islam
    Posts
    5,513
    Threads
    691
    Reputation
    53765
    Rep Power
    124
    Likes (Given)
    20
    Likes (Received)
    69

    Lloyds TSB Targets Islam

    Lloyds TSB has launched the UK's first High Street business bank account aimed at fitting in with Shariah law.


    The Islamic Business and Corporate account is the latest financial product to be run in line with Shariah principles that forbid all forms of paying interest.


    The service - which is aimed at the UK's estimated 100,000 Muslim firms - follows on from the growth of Islamic mortgages and personal loans in recent years.


    Lloyds TSB said the new service for Muslim businesses will be available throughout its network of 2,000 branches.

    No interest will be paid or received on the account and to ensure Shariah rules are met the bank said money will be ring-fenced and not invested.
    "The entrepreneurial spirit in the UK is truly something to be proud off," said the group's Truett Tate.


    "Muslim businesses are making a phenomenal contribution to this through their creativity and incredible work ethic.


    "Britain is rapidly establishing itself as a centre of Islamic finance and Lloyds TSB has been at the forefront of this growth."


    Shazia Saleem, a 23-year-old Muslim entrepreneur establishing a Halal food business, has welcomed the launch.
    "It means a lot to me that I now have the option of banking in line with my faith," she said.

    http://news.sky.com/skynews/article/...258820,00.html
    First Islamic UK business account


    "I spent thirty years learning manners, and I spent twenty years learning knowledge."

    ~ 'Abdullāh bin al-Mubārak (rahimahullah)

  5. #4
    Muezzin's Avatar
    Join Date
    Jun 2005
    Gender
    Male
    Religion
    Islam
    Posts
    10,763
    Threads
    180
    Reputation
    67506
    Rep Power
    133
    Likes (Given)
    575
    Likes (Received)
    820

    Re: First Islamic UK business account

    Strider actually made her thread first, but it was awaiting approval, so I figured I'd just merge these threads.

  6. Report bad ads?
  7. #5
    Uthman's Avatar
    Join Date
    Jan 2005
    Location
    Warrington, England
    Gender
    Male
    Religion
    Islam
    Posts
    5,513
    Threads
    691
    Reputation
    53765
    Rep Power
    124
    Likes (Given)
    20
    Likes (Received)
    69

    Re: First Islamic UK business account



    Or you could just delete mine. I'm not fussed.

    First Islamic UK business account


    "I spent thirty years learning manners, and I spent twenty years learning knowledge."

    ~ 'Abdullāh bin al-Mubārak (rahimahullah)

  8. #6
    Muezzin's Avatar
    Join Date
    Jun 2005
    Gender
    Male
    Religion
    Islam
    Posts
    10,763
    Threads
    180
    Reputation
    67506
    Rep Power
    133
    Likes (Given)
    575
    Likes (Received)
    820

    Re: First Islamic UK business account

    Should be okay. Let's get discussing these articles then.

  9. #7
    Uthman's Avatar
    Join Date
    Jan 2005
    Location
    Warrington, England
    Gender
    Male
    Religion
    Islam
    Posts
    5,513
    Threads
    691
    Reputation
    53765
    Rep Power
    124
    Likes (Given)
    20
    Likes (Received)
    69

    Re: First Islamic UK business account



    Not sure there is anything to discuss really.

    Obviously I think it's a good thing.


    First Islamic UK business account


    "I spent thirty years learning manners, and I spent twenty years learning knowledge."

    ~ 'Abdullāh bin al-Mubārak (rahimahullah)

  10. #8
    Joe98's Avatar
    Join Date
    Mar 2006
    Religion
    Unspecified
    Posts
    1,106
    Threads
    46
    Reputation
    1086
    Rep Power
    0
    Likes (Given)
    0
    Likes (Received)
    0

    Re: First Islamic UK business account

    I work for a bank too.

    If we could get money without paying interest we would be very happy. Our cost of funds reduces remarkably!

    Internally we have already been discussing this on a global basis. There was a large meeting at head office last month.

    It seems muslims are good to do business with.

  11. #9
    Nσσя'υℓ Jαииαн's Avatar
    Join Date
    Jul 2006
    Location
    Nu Yawk
    Gender
    Female
    Religion
    Islam
    Posts
    7,220
    Threads
    74
    Reputation
    32298
    Rep Power
    106
    Likes (Given)
    178
    Likes (Received)
    76

    Re: First Islamic UK business account

    MashaAllah thats good
    You basically pointed out a benefit in not using interest lol.
    I have this channel called bridges and they usually show the commercial for Sharia compliant
    Neat. I should get my parents to look into it.

    Peace
    First Islamic UK business account

    *Without Allah, without Islam, life would be meaningless. If I've ever learned patience, it's because of this. Alhamdulillah...*

  12. Report bad ads?
  13. #10
    Uthman's Avatar
    Join Date
    Jan 2005
    Location
    Warrington, England
    Gender
    Male
    Religion
    Islam
    Posts
    5,513
    Threads
    691
    Reputation
    53765
    Rep Power
    124
    Likes (Given)
    20
    Likes (Received)
    69

    Re: First Islamic UK business account



    Yeah, my mother is also considering switching. She is currently with Natwest.

    Smart move by Lloyds TSB. Should attract a lot more customers in the long-term.

    First Islamic UK business account


    "I spent thirty years learning manners, and I spent twenty years learning knowledge."

    ~ 'Abdullāh bin al-Mubārak (rahimahullah)


  14. Hide
Hey there! First Islamic UK business account Looks like you're enjoying the discussion, but you're not signed up for an account.

When you create an account, we remember exactly what you've read, so you always come right back where you left off. You also get notifications, here and via email, whenever new posts are made. And you can like posts and share your thoughts. First Islamic UK business account
Sign Up

Similar Threads

  1. islamic books on business
    By ILuvAllah in forum Business & Islamic finance
    Replies: 6
    Last Post: 04-06-2014, 02:28 AM
  2. islamic business club
    By touba in forum Business & Islamic finance
    Replies: 7
    Last Post: 08-19-2009, 02:01 PM
  3. Islamic Business/Finance/Economics
    By Ibn Abi Ahmed in forum Business & Islamic finance
    Replies: 4
    Last Post: 05-21-2008, 07:38 PM
  4. Replies: 0
    Last Post: 04-10-2007, 05:52 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
create