How is this not illegal ?
>>66983153
Why should it be? I don't know anything about them.
Theyre encouraging sharia law. Isn that enough to consider it strictly illegal? I mean under democratic terms. Also theres no christian account or atheist account promising the same
>>66983153
>>66983531
Enjoying your enrichment?
>lloyds
>take money
>give them no interest
>take money and use it for your minimum reserve requirement
>Muslim deposits 5,000
>You are now allowed to loan out 500,000 at interest
>as per their statement the money itself is not being used for interest based activities as it is used to satisfy reserve requirement.
This is a great and noble banking scheme, Im just shocked it wasn't invented by an american bank first.
(this example assumes that the UK has a 10x reserve requirement like the USA)
>>66985455
I left out a zero on Achmed's 50000 deposit
inshally
As long as all those banking options are available to everyone and can be included on non-religious affiliated accounts, I don't see a problem with this.
Other than encouraging islam, but UK is way past that at this point.
>>66983219
Reads like a pretty good deal, to be honest.
No fees, no debit interest, just have another account that does give credit interest, and transfer money across to that one, and you're golden
>>66983153
Because pretty soon these will be the only bank accounts allowed
>>66983153
This part of Sharia law is actually alright. It's reminiscent of what we had in Christianity against usury.
>>66983643
holy fuck how did we even get to this point?
this is just sad.
>>66985720
>>66986320
I assure you that Islamic banks get around "the no interest" shit by just charging more fees than other banks. Why wouldn't they? They have literally no reason to exist if they're not capable of making money.
>>66985720
>8 on her headband
Cancer
>>66983153
It's hilariously lopsided in the bank's favor for one
>>66985720
Nah, it's shit, there are literally dozens of things you could put that money to better use at than an account like this, starting with a savings account that that pays 1% interest
On the customer side it's literally stuff you money in your mattress tier when it comes to finances
>>66986320
You know not of how economics works, those anti-usary laws make moneyleanding extremely unprofitable for the leader
>>66986466
Can't speak for the top two but from what I heard about the UK and Germany ones (moreso the UK than Germany, I may be wrong on that one) it's in the same legal area as contracts, people can opt in but they can't be forced in, and the law didn't like it too much when a few people in the UK tried to force compliance with sharia law on people who didn't sign up
>>66986569
>Why wouldn't they? They have literally no reason to exist if they're not capable of making money.
They store and secure wealth which is convenient for the people who run the bank too.
>>66986779
>store and secure wealth
A vault or computer can do that. Banks make money by charging interest on loans, fees, etc. The idea of a lender giving out loans with no incentive is nonsensical.
>>66986987
Banks are huge so if you get robbed you can get some or all of it back. Also the whole system is built around banks and money is essentially worthless anyway. Banks know it, and they buy land because of it too.
>>66986987
What do you have against co-ops and credit unions?
>>66983376
Islamic banks don't have interest. They literally work out what the interest would be, add that to the account, call it 'profit'. Not a joke. My Lebanese colleague explained it to me as if I was meant to have a revelation and say, 'Hey! That's a great idea!' when actually its a bunch of transparently hypocritical nonsense. But hey, they love transparently hypocritical nonsense in the Middle East.
In Indonesia (also a Muslim country, also a place I've worked) most of the banks work on a Western model.
Because Indonesians are marginally less stupid that Middle Easterners and North Africans. And much less rapy.
>>66983219
Owned by Rothschild's with Careful words to use bank
No fee's for Muslims
fee's for everyone else
>>66983153
So the bank gets to use your money interest free! Jesus this is fucking brilliant, the banks are going to make a killing on this. Sure Mr. Mohammad, volicity of money doesn't happen at our bank (wink).
>>66983643
Bosnia and albania are majority muslim ywt are better than britain and germany with law. I guess because they are white muslims they arent bad like the pooskins in britain and germany.
>>66987256
>co-ops and credit unions
I can smell the patchouli from here.
>>66987380
Islamic law prohibits banks from charging interest on loans. Ideally it's just one person lending another person money, and then later getting paid back the same amount. It never really works out like this, however.
>>66987273
>Islamic banks don't have interest.
>They literally work out what the interest would be, add that to the account, call it 'profit'.
So as a new customer to this bank you sit down with a teller and they work out the "profit-interest" individually instead of following the bank-standard interest-rate?
>>66987499
My point is that banks are structured on capital reserve requirements with the whole idea of spinning off the profit on transaction costs - leveraging volicity of money to do busness. Giving your money to the bank with no interest is the best profit model banks to ask for.
It's reminiscent of shabbat lamps. I don't get why they'd think their god would be happy with them following the letter rather than the intent of the law.
>>66987595
Well yeah, they make profit off your money without having to share any of it with you. I'm just saying that Islamic banking law is idiotic bullshit.
>>66985455
The UK does not have any reserve requirements.........
I'm not an expert, but aren't Islamic banking practices much fairer to consumers? It's pretty much the anti-Jewish model, where debts don't accrue interest and the bankers are actually working in the family's best interest.
I'm happy to be proved wrong on this, but this has always been one area of sharia law I'd be happy to adopt.
t. Rasheed
>>66987273
Mostly true but you dont realise the one major advantage of islamic banking, that the interest is agreed upon upfront.
This makes it impossible to become a debt slave that gets trapped under mountains of interest.
As it is now you can find yourself in a situation where you have so much debt that all repayments are interest without being able to scratch the principal.
>>66983219
I was going to say;
How is a bank going to work with no interest or credit?
>>66987971
Yes and No.
They're the same as Pre Kike European banking practices;
Here's the problem - Lending is greatly restricted, meaning it's hard to buy houses, start businesses, etc etc.
>>66988119
Are penalties for defaults agreed upon upfront as well or is that disallowed because most people fall into that trap by not paying down things to begin with, so if there is any penalty system, you can become a debt slave, otherwise you can just put off paying until inflation has decimated the original value of the loan.
>>66983153
>friend is car salesman
>muslim walks in
>works up a deal with friend
>$20000 for some trade in and he wants financing
>"you cant charge me interest cause im muslim"
>friend says "ok car is $23000 but no interest on payments"
>guy rages and leaves
>>66987971
Letting someone have your money interest free is fair? Might as well just stuff your money in a fucking mattress
>>66988253
No penalty, just no new loans.
Im just saying for the consumer its a real advantage.
Overall its a bad idea for the economy though because there will be less willing lenders as a result of the problems you highlighted.
>Being a commie fascist faggot
Stop trying to restrict free market. Much like halal meat in stores, this is just capitalism in practice Targeting new or previously untargeted demographics in order to achieve larger profit. Why do you want to attack the greatest principles of western civilization that are FREE MARKET and FREEDOM and LIBERTY and BURGERS?
literally stalin
>>66988320
You can make profit.
You lend 5k with agreement that repayment must be 7k.
But if they take 10 years to repay, they wont be buried under exponential compound interest.
>>66983153
Meanwhile, I'm unable to make any bank account, with big companies or building societies, despite an excellent credit rating, and nobody in my family ever having been in debt.
Should I pretend to be a jew or muzzie?
>>66983643
>the only two majority muslim countries in europe are less islamic than UK and germany
you cant make this shit up
>>66987405
you technically would only need to convert them
>>66988586
Metro bank.
>>66987971
>I'm not an expert, but aren't Islamic banking practices much fairer to consumers?
No, it's about the same.
It's a debit account remember, but they can still charge intrest on loans as long as it is not exorbitant. For higher intrest loans they just rename it to something else to skirt around it. The term 'Islamic banking' is just a marketing ploy really to dupe shitskins. There are even 'islamic' index and hedge funds. Which actually breaks the rules of sharia anyway but who gives a shit we're making some fat returns through intre-*cough* I mean dividends
The idea of banning usury is a really terrible and not thought out idea. It is not a good idea
>>66987971
On the surface it appears that way with loans, but it's hilariously bad for the economy as it pretty much shuts down ALL loans and banking by making them fundamentally worthless
>>66987380
>>66987595
please for the love of god stop posting until you learn the english language.
hint: volicity is not even close to what you meant to say.
>>66988119
>that the interest is agreed upon upfront.
same with mortgages, loans, etc
But you actually have to read the contract. Most places offer different plans concerning intrest
I don't think you ever knew that, but then again I did go to Oxford Law School.
:^)
