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It may well be technically interest free, but you can bet your backside it won't be free of charges. Why on earth would any bank loan money, at risk, without any opportunity to gain. Even true Sharia banks do not do this so why would Lloyds?


The loan may involve "gifts" to the creditor as a thank you for lending. Is that interest in all but name? Yes it is.


Just carry on banking with Lloyds. They are all sharking after your money no matter what word they use to describe the payments.

although there wont be interest in the conventional sense of the word the loans are structured in such a way that the customer will pay what basically amounts to interest anyway, plus because of the complicated structures used to achieve this their bank fees will probably be higher.

themaninblack Wrote:

-------------------------------------------------------

> It may well be technically interest free, but you

> can bet your backside it won't be free of charges...

>...They are all

> sharking after your money no matter what word they

> use to describe the payments.


Cynical but spot on I suspect.


*laughs heartily*

Tarot

Themaninbalck is correct-the banks call it a management fee instead of interest as earning or paying interest on a loan or account is against many muslim's faith-not just those that abide by sharia. Many banks offer muslim accounts-this is not supporting sharia law it is offering a bank account that some people who abide by sharia may choose to use as well as other people. It's exactly the same as a supermarket selling halaal meat-people who follow sharia law may buy halaal meat,people who do not may by it-but that doesn't make Tesco's/sainsburys/morrisons etc supporters of Sharia law. So in conclusion Tarot-carry on as usual!

Tarot Wrote:

-------------------------------------------------------

> INot only is this in the wrong thread, It seems

> Sharia law is being practiced in the wrong part of

> the world. I live in

> England,and only the laws of this land matter. I

> have no interest in a ancient tribal law ,and I

> dont want my bank to be anticipating in it either.

> "When in Rome"



Above posted in wrong thread.......Just to clarify, Muslims not paying or receiving interest is not Sharia law, its a belief that happens also to be part of Sharia law-just like not eating pork is part of Jewish, Muslim, Hindu and vegetarian beliefs-that doesn't mean places that sell quorn sausages are practising Sharia law-seriously don't panic!

Usuary - the practice of lending at interest - is forbidden to Christians, Moslems and Jews by the Judaeo-religious Scriptures.


However, in the case of Judaism, the restriction only applies between Jews, thus leaving Jews free to lend at interest to Gentiles - which is why (historically) Jews have sought employment as bankers and financiers - it's kosher.

HAL9000 Wrote:

-------------------------------------------------------

> Usuary - the practice of lending at interest - is

> forbidden to Christians, Moslems and Jews by the

> Judaeo-religious Scriptures.

>

> However, in the case of Judaism, the restriction

> only applies between Jews, thus leaving Jews free

> to lend at interest to Gentiles - which is why

> (historically) Jews have sought employment as

> bankers and financiers - it's kosher.



Not the whole picture though Hal, Jews were also restricted from most 'profressions' in medieval (and later) times as well as not being allowed into Trade Guilds etc, so often they had little choice.

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