re-islamic banks

joe134

Hi, Just looking for a 2 year fixed rate bond, and 2 islamic banks are showing best rate, BUT, in small print, it states, the rates are "targets", so could vary.
I know it,s to get round sharia law, but is it fixed, if not, then why say fixed on thier site?
Anyone using these banks , would appreciate advice.please.
I am not bothered about it being sharia, etc, just the best rate;;;

innovate

I dimly remember that the T&Cs say that if they will not reach the target, they will write to you, and you can then withdraw your money at no penalty.

Check the T&Cs.

fiesta04

I have just opened one with IBB after being reassured by Muslim friends who use these accounts all the time that they have ALWAYS got the said PROFIT.

F4

pcombo

joe134 wrote: »

Hi, Just looking for a 2 year fixed rate bond, and 2 islamic banks are showing best rate, BUT, in small print, it states, the rates are "targets", so could vary.
I know it,s to get round sharia law, but is it fixed, if not, then why say fixed on thier site?
Anyone using these banks , would appreciate advice.please.
I am not bothered about it being sharia, etc, just the best rate;;;

Hows about you just use a normal bank account.

What is the difference except the name.

shortcrust

pcombo wrote: »

Hows about you just use a normal bank account.

What is the difference except the name.

I think the clue is in "and 2 islamic banks are showing best rate"...

Galeeno

pcombo wrote: »

What is the difference except the name.

...one is Allah approved

and one is Jesus christ approved lol...

pcombo

Galeeno wrote: »

...one is Allah approved

and one is Jesus christ approved lol...

you know this actually made me laugh.
;p

joe134

pcombo wrote: »

Hows about you just use a normal bank account.

What is the difference except the name.

the rate;;I ain,t bothered if it,s approved by the devil himself, as long as the rate on the tin is what I get.
banks of the Uk et.al, ain,t exactly covered in glory.;
been through fscs twice, iceandic banks, come out ok.whish I,d put more for longer;;;;;
It,s a toss up.
santander or islamic?
Think I,ll try Islamic. no contest;; thanks all;

joe134

fiesta04 wrote: »

I have just opened one with IBB after being reassured by Muslim friends who use these accounts all the time that they have ALWAYS got the said PROFIT.

F4

hi fiesta, that,s 1 of them.probably plumb for it. think the word" profit"and "target" is a bit misleading though;;
wonder why they don,t appear on martins best buys ?????
best rate is best rate.got this from moneymail, et.al
was with icici for ages, till they became uncompetitive.
perhaps british banks think they are god;;;;;;most call centres are in India anyway.
fred the shred did;;;
UPDATE;;;;
Hi Fiesta, BLMA? say that they revue thier profit rate daily, and if for any reason they think it,s not going to pay the Rate, they will notify me/you, and we can close it, penalty free;
seems fair enough to me;IBB seem to have withdrawn thiers;;;;no link to buy.

joe134

Galeeno wrote: »

...one is Allah approved

and one is Jesus christ approved lol...

as long as fscs approve it, that,s what counts;:rotfl:

fiesta04

IBB seem to have withdrawn thiers;;;;no link to buy.[/QUOTE]

It is still on their website islamic-bank.com as at Noon today.

F4