Sharia compliant/Islamic banking

cisko65

Hi
I am considering opening an account in a UK Sharia compliant bank (see website below), as they offer good profits. Nevertheless some are linked to countries that for human rights and ethical reasons I'm excluding, for example the alrayan bank linked to Qatar.
Any advice?
Thanks.

https://www.savvywoman.co.uk/2018/06/sharia-savings-account-sharia-compliant-savings-work/

ColdIron

I'm not sure what you are asking. You seem to have your own ethical 'sniff test', follow your nose

AnotherJoe

Are there any that have good human rights?

cisko65

I'm asking if you have a Sharia compliant bank to recommend. I know, a tricky question. Very few banks are ethical.
Thanks anyway.

TUVOK

I have recently opened a number of fixed rate and notice accounts with B.L.M.E.
The service seems good, i.e. opened another account with them yesterday lunchtime, a letter through my post box this morning confirming. I had already had an email confirming yesterday.
In general I have found them all to be no problem.
I hope of course that "the expected rate of interest" holds up to the maturity date of course!

ColdIron

Sharia banking exists to comply with Islamic law, principally usery or interest. You appear to have an ethical and human rights criteria and there is no single definition that will satisfy everybody and everything. I worked for many years with a devout Muslim who invested rather than saved. There were some industries he obviously avoided, alcohol, pork etc but he included tobacco even though it is not proscribed. On the other hand he had no problems with arms manufacturers, BAE, Lockheed, Grumman etc. Only you know where you draw your own personal line in the sand

Socajam

cisko65 wrote: »

Hi
I am considering opening an account in a UK Sharia compliant bank (see website below), as they offer good profits. Nevertheless some are linked to countries that for human rights and ethical reasons I'm excluding, for example the alrayan bank linked to Qatar.
Any advice?
Thanks.
https://www.savvywoman.co.uk/2018/06/sharia-savings-account-sharia-compliant-savings-work/

I trust you are making sure that Saudi Arabia is top of your list, because of all the Islamic countries SA is the devils domain.

cisko65

Thank you ColdIron,
you manage to give fair advice.

cisko65

Thanks, will look for some reading material on B.L.M.E.

cisko65

Thanks for reminding me.

cisko65

Sorry, forgot to quote all of your replies in mine.