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Did anyone suspect there was such a thing?

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Postdog | 22:16 Sat 07th May 2011 | ChatterBank
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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?
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It is a sin in Islam to accept interest on deposits. It used to be called 'usury' in the Christian world.
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I expect they get money from whichever source will allow them to.
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well clearly people did suspct,and ta for the explanation. It just struck me as weird.
Islamic accounts have been around for ages, postdog - it's because they are not supposed to deal with accounts which accrue interest, it's not allowed. You can get Islamic mortgages too.
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.

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