Chuck
IB Veteran
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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-and-banking/article.html?in_article_id=411445&in_page_id=7
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-and-banking/article.html?in_article_id=411445&in_page_id=7
