Islamic Student Account?

Alpesh2404

Following the link provided below, apparently Lloyds TSB offer an islamic student account:

http://www.lloydstsb.com/current_accounts.asp#students

"Enjoy all the features of our Student account without compromising your faith."

"When you leave home to study we understand you want to maintain your faith. So we’ve come up with the Lloyds TSB Islamic Student account.
It offers advice and support for your finances throughout your time at university whilst helping you honour the principles of your faith."

What's the difference between an Islamic Student Account and a Multi-Religion Student account/normal student account?

Why isn't there a christian/jewish/hindu/seek student account?

Political world gone mad!
[sorry if any part of this post appears offensive in anyway]

jackieb

It's Shariah approved. Something to do with interest. Open the pdf file and have a read.

BSingh

Basically, muslims are not allowed to earn interest on their money as they believe that you are meant to literaly earn every penny you get...
So the banks give you a bank account that doesnt give out interest! I dont know why all the banks dont do this?!

Colxfile

Correct me if I'm wrong, but I think instead, the 'interest' takes the form of earned profit that is distributed.

Sharia law holds that charging interest is usury and not permissable.

Hardly 'political world gone mad', it's merely banks seeing a new market opening up and trying to fill it. Voila. Capitalism.

milkydrink

Forgive me if I'm wrong, but I thought Muslims didn't agree with charging OR paying interest. Therefore there are special interest free bank accounts, loans & mortgages for them.

Kim