Family & Relationships19 mins ago
Did anyone suspect there was such a thing?
7 Answers
http://www.lloydstsb....s/islamic_account.asp
When working and with a mortgage, I opted for an internet only bank, which was fine except for having to post cheques etc. Now I'm not working and have no mortgage, my OH suggested I move to lloyds, so I checked online to see what they could offer and saw the above - why? By why, I mean what is so special that it requires a certain type of account, why not one for catholics buddhists or jedi's etc?
When working and with a mortgage, I opted for an internet only bank, which was fine except for having to post cheques etc. Now I'm not working and have no mortgage, my OH suggested I move to lloyds, so I checked online to see what they could offer and saw the above - why? By why, I mean what is so special that it requires a certain type of account, why not one for catholics buddhists or jedi's etc?
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I'm heading to bed postdog, so I don't have time to research but my guess/(experience) is that the Muslin faith doesn't accept the concept of interest. Instead they calculate in absolute terms. Loans are taken out and repaid with the money due plus a service fee known as "zakat"
If you deal with a Saudi Souq and you sell in at 50 rials, they will not mark up by x% or work out a y% margin - they will add an absolute margin so you need to talk about pricing in "integer" terms....
I suspect that thi is behind the Lloyds offer.
If you deal with a Saudi Souq and you sell in at 50 rials, they will not mark up by x% or work out a y% margin - they will add an absolute margin so you need to talk about pricing in "integer" terms....
I suspect that thi is behind the Lloyds offer.
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