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  • FIRST POST
    • cisko65
    • By cisko65 17th May 19, 11:20 AM
    • 47Posts
    • 1Thanks
    cisko65
    Sharia compliant/Islamic banking
    • #1
    • 17th May 19, 11:20 AM
    Sharia compliant/Islamic banking 17th May 19 at 11:20 AM
    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/
Page 1
    • ColdIron
    • By ColdIron 17th May 19, 11:31 AM
    • 5,199 Posts
    • 7,064 Thanks
    ColdIron
    • #2
    • 17th May 19, 11:31 AM
    • #2
    • 17th May 19, 11:31 AM
    I'm not sure what you are asking. You seem to have your own ethical 'sniff test', follow your nose
    • AnotherJoe
    • By AnotherJoe 17th May 19, 12:05 PM
    • 14,251 Posts
    • 16,960 Thanks
    AnotherJoe
    • #3
    • 17th May 19, 12:05 PM
    • #3
    • 17th May 19, 12:05 PM
    Are there any that have good human rights?
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
    • cisko65
    • By cisko65 17th May 19, 12:12 PM
    • 47 Posts
    • 1 Thanks
    cisko65
    • #4
    • 17th May 19, 12:12 PM
    • #4
    • 17th May 19, 12:12 PM
    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
    • By TUVOK 17th May 19, 12:40 PM
    • 49 Posts
    • 6 Thanks
    TUVOK
    • #5
    • 17th May 19, 12:40 PM
    • #5
    • 17th May 19, 12:40 PM
    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
    • By ColdIron 17th May 19, 12:57 PM
    • 5,199 Posts
    • 7,064 Thanks
    ColdIron
    • #6
    • 17th May 19, 12:57 PM
    • #6
    • 17th May 19, 12:57 PM
    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
    • By Socajam 17th May 19, 1:16 PM
    • 246 Posts
    • 292 Thanks
    Socajam
    • #7
    • 17th May 19, 1:16 PM
    • #7
    • 17th May 19, 1:16 PM
    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/
    Originally posted by cisko65
    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
    • By cisko65 17th May 19, 3:23 PM
    • 47 Posts
    • 1 Thanks
    cisko65
    • #8
    • 17th May 19, 3:23 PM
    • #8
    • 17th May 19, 3:23 PM
    Thank you ColdIron,
    you manage to give fair advice.
    • cisko65
    • By cisko65 17th May 19, 3:25 PM
    • 47 Posts
    • 1 Thanks
    cisko65
    • #9
    • 17th May 19, 3:25 PM
    • #9
    • 17th May 19, 3:25 PM
    Thanks, will look for some reading material on B.L.M.E.
    • cisko65
    • By cisko65 17th May 19, 3:29 PM
    • 47 Posts
    • 1 Thanks
    cisko65
    Thanks for reminding me.
    • cisko65
    • By cisko65 17th May 19, 3:31 PM
    • 47 Posts
    • 1 Thanks
    cisko65
    Sorry, forgot to quote all of your replies in mine.
    • dqnet
    • By dqnet 17th May 19, 4:58 PM
    • 256 Posts
    • 82 Thanks
    dqnet
    To be perfectly honest I've had no issues at all with Al-Rayan. Good rates and good customer service. The online banking portal could do with a little modernising but other then that I've had no issues.


    Ethical side of things is another story, you will only ever win battles but never the war on this one!
    • AnotherJoe
    • By AnotherJoe 17th May 19, 6:33 PM
    • 14,251 Posts
    • 16,960 Thanks
    AnotherJoe
    I'm asking if you have a Sharia compliant bank to recommend. I know, a tricky question. Very few banks are ethical.
    Thanks anyway.
    Originally posted by cisko65

    Why raise the ethics question at all then?
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
    • cisko65
    • By cisko65 17th May 19, 6:50 PM
    • 47 Posts
    • 1 Thanks
    cisko65
    Why raise the ethics question at all then?
    Originally posted by AnotherJoe
    Maybe I need to question myself...
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