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| Britain |
| Islamic law bank given go-ahead to open in UK |
| 2004-08-10 |
| The Financial Services Authority has given the go-ahead for the launch of the first bank to operate under strict Islamic law. For the first time, Britain's 1.8 million Muslims will be able to keep their money in an institution complying with Islamic Sharia principles. The Islamic Bank of Britain, which has headquarters in Birmingham, is planning to open its first branch next month in Edgware Road, London, followed by others in Birmingham and Leicester. The independent bank, backed by British and Gulf investors, will offer Sharia compliant current accounts, debit cards and consumer financing agreements. Its first mortgage should be available by the end of the year. Michael Hanlon, the managing director, said: "We are confident that we can provide customers with a range of Sharia compliant products and services, equivalent to those available in a conventional bank." Under Sharia law all money must be invested in ethical industries. Muslims are also not allowed to give or receive interest on savings or loans. The Islamic Bank will treat interest as a rental fee. The Muslim Council of Great Britain said the granting of the licence by the FSA was a "watershed event in the history of Islamic finance in the UK". |
| Posted by:Anonymous5089 |
| #8 semantic drivel Well said, Frank. If shari'a law is allowed by one area of British law, how easy will it be to keep it out of other areas of British law? jules, why is it that no one seems to understand how this is the camel getting its nose into the tent? Excellent observation! |
| Posted by: Zenster 2004-08-10 17:07 |
| #7 The Muslims probably objected to interest being earned on their welfare payments going to the Dhimminis. |
| Posted by: Ptah 2004-08-10 11:30 |
| #6 If shari'a law is allowed by one area of British law, how easy will it be to keep it out of other areas of British law? Precedence seems to make a pretty big deal in court cases here in the US; would I be wrong in thinking it would do the same in Britain? |
| Posted by: jules 187 2004-08-10 10:55 |
| #5 Actually, it seems like a good idea to me. Makes it easier to follow the money trail. |
| Posted by: B 2004-08-10 10:32 |
| #4 Well, folks, this makes perfect sense! If you don't want total confusion and economic collapse, you'll need an established Central Bank - how can you properly run a country without one? Duh! Sheesh, it's so obvious, yall. |
| Posted by: .com 2004-08-10 10:15 |
| #3 What a stupid move. I guess I really don't have a good take on the Brits-I had never thought of them as particularly smitten with national suicide. Islamic Bank of Britain??? Astounding. |
| Posted by: jules 187 2004-08-10 09:52 |
| #2 Muslims are also not allowed to give or receive interest on savings or loans. The Islamic Bank will treat interest as a rental fee. semantic drivel |
| Posted by: Frank G 2004-08-10 09:38 |
| #1 ...a range of Sharia compliant products and services One can only imagine... |
| Posted by: tu3031 2004-08-10 09:11 |