Posted on 08/08/2004 6:49:32 PM PDT by aculeus
Banking regulators say they have given permission for the first British-based Islamic bank to start operating. The Islamic Bank of Britain will for the first time give the country's two million Muslims access to banking in accordance with Islam.
The bank's headquarters will be in Birmingham, home of one of Britain's biggest Muslim communities.
The bank will forbid the paying or charging of interest, which is considered usury and banned under Islam.
It has promised not to invest in companies associated with tobacco, alcohol or pornography.
British banks have recently started offering products tailored for Muslims but they are all non-Islamic banks.
'Competitive rates'
The bank opens its first branch in London's Edgware Road next month and reportedly intends to offer its services to Muslims across Europe.
Managing director Michael Hanlon told The Times the bank's services would be offered at "competitive" rates.
"We are not playing the religious card," he told the newspaper, adding that he hoped the bank's policies would also appeal to non-Muslims.
In addition to Britain's Muslim community, the country receives tens of thousands of visitors from the Middle East each year, who may well seek out the bank's services.
The bank's backers include investors from the Gulf, and British Muslims.
© BBC MMIV
Could I get a no-interest loan for, say, 100,000,000 pounds sterling? I promise not to invest in alcohol, ponography or narcotic drugs.
What kind of crap is this? Whatever happened to assimilation?
Thanks a ton, Mike.
You might have to convert first.
Will the bank still have government oversight or will it be easier for Islamofascists to launder money?
They plan to assimilate you !!! You have a problem with that? Remember, "RESISTANCE IS FUTILE".
What is the incentive for giving someone a loan if you can't charge interest on it?
Just another conduit for al Queda. The Brits are nuts for allowing these dirtbags into their banking system.
That's discrimination.
New money laundering location???
Hmmmm....wonder when we'll have a bank like that here in the good ole' US?
But will they convert Shekels?
Zero-percent interest is pretty damn competitive, all right.
Interesting business model the Moos got there. There's no end to the stupid aspects of this death cult.
I think they call them "laundromats"...
This "bank" wil lbe exactly that...A terrorist laundering facility.
Let's see if the Islamic bank will be forced to provide domestic partnerships for gay employees or abortion coverage for female workers.
The government has filled up the entire city of Utica with Bosnians yet they come to the outskirts to take over our park and fly the Bosnian flag. It makes me sick!
How many cut off heads to the dollar?
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