BLME Sharia 1Yr Fixed Rate 2.2%

masonic

matty_art wrote: »

I’ve just applied for this account with BLME - what I didn’t realise at the time is that there is no online access.

I’ve just had a letter through the post with bank details to pay my deposit into - however professional experience of dealing with paying suppliers means I don’t feel overly comfortable just paying in based on a letter with no ability to confirm accuracy of these bank details online - I’m sure it’s fine but I’m an accountant and heard scare stories so not really best practice from BLME!

I presume everyone else received a letter with the bank details too?

It appears the account is a holding account in your name, from which the money is transferred into the fixed term product. You'll receive quarterly statements showing activity on this account. If you open more fixed term accounts you'll be asked to transfer into the same holding account, so it's just the first transfer that's a bit of a leap of faith.

They don't send these details by email, but would probably confirm them if you wanted to double check (obviously phoning them is the way to go here, not email). They do confirm receipt of your deposit by email, usually the next morning.

canarybaby

In the letter I received from BLME it states I can make a payment from an account in my own name. Does this have to be my linked account or can it be any account in my name?

masonic

canarybaby wrote: »

In the letter I received from BLME it states I can make a payment from an account in my own name. Does this have to be my linked account or can it be any account in my name?

My understanding is that the linked account is used at maturity and it doesn't need to be the same as the funding account, though I've always used the same account for both.

zilla6

I've used BLME for several years now and have never had a problem. I've always had the expected returns. And they send maturity reminders with enough time to deal with them.

MiserlyMartin

This sharia compliant stuff is all rubbish really. It's interest really under a different name. How did we get to this stage in our country?

eskbanker

MiserlyMartin wrote: »

This sharia compliant stuff is all rubbish really. It's interest really under a different name. How did we get to this stage in our country?

Don't see a problem with it myself, it's not massively dissimilar in principle to the plenty of folk on here bending the rules a bit by (mis)using current accounts as savings accounts. If you don't want to use these accounts, nobody's forcing you....

Or does the reference to 'in our country' and the slightly why-oh-why tone of your last sentence signify some sort of reactionary Daily Mail agenda behind your concern?

masonic

Personally, I'm glad these accounts are available to us. Without them I'd have to resort to accounts paying less interest.

Zanderman

MiserlyMartin wrote: »

This sharia compliant stuff is all rubbish really. It's interest really under a different name. How did we get to this stage in our country?

What is this 'stage' to which you refer?

Of course it's interest under a different name!

But that doesn't mean that sharia compliant stuff is 'rubbish' - it's a banking system compliant with a particular belief. That's all.

You can use the bank whether you share the belief or not.

If you do share the belief it's an important aspect. If you don't it doesn't matter. At all.

If you think it does matter, to you (though I cannot see why it should), then don't use a sharia-compliant bank. Simples. There are many other banks out there, the vast vast vast majority not being sharia-compliant. So you have plenty of choice.

gingercordial

MiserlyMartin wrote: »

This sharia compliant stuff is all rubbish really. It's interest really under a different name. How did we get to this stage in our country?

And why are you only complaining about it now? I was involved in setting up Sharia-compliant investment funds back in 2003 as a trainee accountant, and it wasn't new even then. Whatever "stage" we are at in "our" country (which is also the country of plenty of people who believe in different religions) we've been there for a long time as far as Sharia investment goes. The world hasn't ended in the last 16+ years just because some people prefer to call their return on investment by a different name, which you've only just noticed. And it doesn't matter to you at all what it's called. You're even allowed to invest in it if you like the returns, call them what you like.

Rollinghome

MiserlyMartin wrote: »

This sharia compliant stuff is all rubbish really. It's interest really under a different name. How did we get to this stage in our country?

It's designed to meet the religious and ethical requirements of a substantial portion of the population. If it does that, then that's what matters, not the terminology. What's more it's available to all of us, if we choose, regardless of our beliefs.

Has similarities with mainstream 'ethical' investment funds where there will always be difficulties around definitions; such as, if arms manufacturers are to be included, should companies that make their materials also be included. Again, what matters is whether it meets the needs of it's target customers. It's a choice.