Free unplanned overdraft account from Lloyds Bank - not just for Muslims

compmad1

http://www.independent.co.uk/news/uk/home-news/lloyds-bank-removes-overdraft-fee-from-islamic-accounts-9291932.html

Lloyds bank sent out a booklet this month explaining changes to its personal banking services, including one that would allow Muslims to avoid overdraft charges, The Telegraph reported.
A spokesman told The Telegraph that anyone can open an Islamic account, regardless of whether they are a Muslim or not.
The document stated: “We are removing the Monthly Overdraft Management Fee of £6 from our Islamic Account, Islamic Student Account and Islamic Graduate Account. So, if you use an Unplanned Overdraft on these accounts there won’t be any charges.”


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Islamic Account
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Islamic Account at a glance

Shariah-approved banking – have the confidence of knowing your money will be kept in accordance with Shariah law.
No minimum balance.
No credit or debit interest.
Easy access to your money with a Lloyds Bank Visa debit card you can use in shops, online, on the phone and to withdraw money at Cashpoint® machines.
About the Islamic Account

Following the guidance of Islam is an important part of everyday life, so we've made it an important part of everyday banking. Our Shariah committee of two independent scholars has guided us to create an account that’s right for you.

Find out more Download Islamic Account full details, pdf file size 582k. Opens in a new window.

adrienne1945

Not good enough IMO. I think in the interest of impartiality there should also be a Christian Bank Account & a Buddhist one etc etc with the same benefits. Otherwise surely they can be accused of racisim by those who end up paying more than Muslims

adrienne1945

As our PM considers us to be a Christian Country perhaps he can have words with the Bank owned in part by the people of UK as to why non Christians are being favoured

compmad1

People on Facebook with Lloyds accounts are saying that from August some will have to pay up to £10 a day in fees. I don't know if this is correct. I have been onto the Lloyds website and currently there is a £6 a month fee, plus interest. Everyone should get a Muslim Account.

BMN

Doesn't this just mean that Lloyds will (where possible) not allow these Islamic Accounts to even become overdrawn but Returned Item Fees will still be charged.

Charley1234

Is this for real

stclair

Are you referring to this:

puk999

http://www.lloydsbank.com/current-accounts/islamic-account.asp

Following the guidance of Islam is an important part of everyday life...

:rotfl:

puk999

adrienne1945 wrote: »

Otherwise surely they can be accused of racisim by those who end up paying more than Muslims

Islam is a religion, not a race.

compmad1

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10789509/Lloyds-drops-overdraft-fee-on-Islamic-accounts.html

Lloyds Bank has been accused of religious discrimination after offering free overdraft accounts to Muslims.
The bank sent customers a booklet this month explaining new charges.
While many will have to pay up to £80 a month if they go into the red, Muslims were told they would escape the charges. The document said: “We are removing the monthly overdraft management fee of £6 from our Islamic Account, Islamic Student Account and Islamic Graduate Account. So, if you use an unplanned overdraft on these accounts, there won’t be any charges.”

mgdavid

adrienne1945 wrote: »

As our PM considers us to be a Christian Country perhaps he can have words with the Bank owned in part by the people of UK as to why non Christians are being favoured

they're not;
Quote: A spokesman told The Telegraph that anyone can open an Islamic account, regardless of whether they are a Muslim or not.