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An Overdraft? That'll Be £200 At Lloyds Tsb (but Only £15 If You're A Muslim)

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http://www.dailymail.co.uk/news/article-12...ure-Muslim.html

Many Lloyds TSB customers are being hit with charges of up to £200 a month if they go into the red - while Muslims who use the bank are only being charged £15.

The part-nationalised bank has been accused of religious discrimination over the disparity between overdraft charges on its standard current account and its Islamic account.

The Islamic account was set up by the high street bank to attract Muslim customers by allowing them to keep faithful to their religion.

Sharia law does not permit the payment of interest so the 'typical' Islamic account at Lloyds TSB has been set up without an overdraft facility.

If a Muslim customer who has insufficient funds in the account tries to make a payment, it is blocked and a 'return item fee' is charged.

However, on some Islamic accounts such a payment is authorised and an 'unplanned overdraft fee' of £15 is then levied.

The bank says this is a management fee, not a payment of interest, so does not contradict Sharia law.

Meanwhile, customers with standard current accounts who go into the red by at least £100 without authorisation are hit with an 'unplanned overdraft fee' of £20 a day for a maximum of ten days. This could mean a customer has to pay £200 in one month.

The Islamic account is available to all customers at Lloyds TSB. In theory, anyone who does not need a permanent overdraft facility could switch to this account to avoid being hit by interest charges for going into the red.

The disparity between the two accounts emerged after the bank sent its customers a booklet this month explaining its charges.

Graham Milne, a customer and chartered accountant from Norham, Northumberland, said difference in fees was tantamount to 'religious discrimination'.

He added: 'This means that all the non-Islamic account holders are subsidising those with such an account. It strikes me as something which is bordering on illegal.

'One cannot help feeling the organisation is bending over backwards to help Muslims to the detriment of everybody else.

'The man in the street would say this is a form of theft. Whether you call it a management fee or an interest fee, it makes no odds because they mean the same thing.'

Everyone at Lloyds TSB should switch there accounts immediately to the Sharia one.

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http://www.dailymail.co.uk/news/article-12...ure-Muslim.html

Everyone at Lloyds TSB should switch there accounts immediately to the Sharia one.

Ohhhhhhhhh shall I change religion and have some fun?

How can we protest about this?

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Sharia law does not permit the payment of interest so the 'typical' Islamic account at Lloyds TSB has been set up without an overdraft facility.

There was me thinking that banks operating in the UK had to abide by UK law. If you want a sharia bank then go and live in a country that has sharia law.

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There was me thinking that banks operating in the UK had to abide by UK law. If you want a sharia bank then go and live in a country that has sharia law.

Actually, this is one instance where sharia law seems fairer than the norms applied by the bankstas. Does the Koran prescribe stoning usurers to death as well?

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Typical Daily Mail. Discrimination! it shouts. Then we find that anyone can open either account. So where's the discrimination?

You can have indirect discrimination, i.e. behaviour which is disproportionately likely to affect people from one group.

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the discrimination is that they charge a different amount on the normal account to the muslim one , the accounts should be charged the same amount as how many non muslims think about opening an account specifically targeted at muslims, i mean no offence to muslims but they should be treated the same as everyone else and adhere to the laws of the country they are living in.

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The solution is simple, everyone should get over their prejudices and switch to a sharia account.

Just because it's got sharia in the title doesn't mean your suddenly a muslim.

I had a belting madras last night didn't wake up with an urge to fly a plane into any towers.

http://en.wikipedia.org/wiki/Ad_hominem

Edited by slurms mackenzie

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You can have indirect discrimination, i.e. behaviour which is disproportionately likely to affect people from one group.

It doesn't though, this account is open to anyone from any "group".

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the discrimination is that they charge a different amount on the normal account to the muslim one , the accounts should be charged the same amount as how many non muslims think about opening an account specifically targeted at muslims, i mean no offence to muslims but they should be treated the same as everyone else and adhere to the laws of the country they are living in.

No, they have different accounts with different structures. Simply open the one that suits you.

I can't believe you're all being taken in by such blatant Daily Mailism. (Oh wait, yes I can :ph34r: )

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Its a nasty headline that does not relfect the story.

Account with interest huge fine

Account with no interest small fine

Anyone can open a sharia account

A muslim with the normal account (most muslims I would think) gets shafted just the same.

The story is the huge fees I hate that they twist it to make it seem that there is some form of proactive discrimination going on.

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the discrimination is that they charge a different amount on the normal account to the muslim one , the accounts should be charged the same amount as how many non muslims think about opening an account specifically targeted at muslims, i mean no offence to muslims but they should be treated the same as everyone else and adhere to the laws of the country they are living in.

It's not a "muslim account" it is an account that follows the principles of sharia finance. It's up to you to decide do you want a usury account (if you're a christian you might not as well) or do you want a usury free account. If they're offering discounts to attract a new demographic is that discrimination? They've been doing it for students for years but no one seemed to mind.

Where's bulltrader?

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It's all part of the plan to start a race war among the little people. You're supposed to get angry. Looks like they're winning judging by the comments.

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It's not a "muslim account" it is an account that follows the principles of sharia finance. It's up to you to decide do you want a usury account (if you're a christian you might not as well) or do you want a usury free account. If they're offering discounts to attract a new demographic is that discrimination? They've been doing it for students for years but no one seemed to mind.

Where's bulltrader?

Like a tobacconist selling nicotine patches.

Edited by dom

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It's not a "muslim account" it is an account that follows the principles of sharia finance. It's up to you to decide do you want a usury account (if you're a christian you might not as well) or do you want a usury free account. If they're offering discounts to attract a new demographic is that discrimination? They've been doing it for students for years but no one seemed to mind.

Where's bulltrader?

Should we all go into Lloyds and ask about their Usury account and ask what benefits (if any) it has over the Sharia one? :lol:

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It's quite frightening to see all the "It's a disgrace" comments following the article, we really are a nation of easily lead sheep aren't we? More than one or two on here too I see.

I've posted a comment pointing out that this is nonsense racist jingoism. It seems not to have appeared, fancy that.

Scary to watch such effective manipulation of the masses work so well.... :ph34r:

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Should we all go into Lloyds and ask about their Usury account and ask what benefits (if any) it has over the Sharia one? :lol:

Ursary is the benefit?

eg you get a set return of interest or "Riba" money with no risk which creates itself?

Thats a pretty big benefit unless you have no money

Edited by Fromage Frais

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It's quite frightening to see all the "It's a disgrace" comments following the article, we really are a nation of easily lead sheep aren't we? More than one or two on here too I see.

I've posted a comment pointing out that this is nonsense racist jingoism. It seems not to have appeared, fancy that.

Scary to watch such effective manipulation of the masses work so well.... :ph34r:

Yep! Idiocracy.

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It's quite frightening to see all the "It's a disgrace" comments following the article, we really are a nation of easily lead sheep aren't we? More than one or two on here too I see.

I've posted a comment pointing out that this is nonsense racist jingoism. It seems not to have appeared, fancy that.

Scary to watch such effective manipulation of the masses work so well.... :ph34r:

Yeah like this line "they should be treated the same as everyone else and adhere to the laws of the country they are living in, they should be treated the same as everyone else and adhere to the laws of the country they are living in, they should be treated the same as everyone else and adhere to the laws of the country they are living in" Scary to hear it repeated by a humanoid in this very thread.

Clearly there is an eliment of divide and rule going on. Keeping the enemy looking like the funny looking man with a beard rather than the suited politician, and it helps to stop people questioning the money and lives we're spending fighting the bogus wars.

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Yep! Idiocracy.

I stumbled across this code on a scrap of paper outside Whitehall:

void Bank_profit (let's start an argument)

{

while(NPV[sharia account] >= NPV[proles account] && !Civil_war)

incremental_bank_profit --;

Treasury_liabilities ++;

public_perception --;

introduction_of_martial_law ++;

}

What can it mean?

It's the principal you see. The left hand gives while the right hand takes. In one system its called interest, in the other, something else... net-net no difference, other than economies of scale, which benefit the prevailing norm. But the loss on the perception side outweighs any gain... unless it's deliberate. (It probably is just incompetence on the part of the image managers.)

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So a group of people have a product tailored to them, is this not the essence of the free market/marketing?

"they should be treated the same as everyone else and adhere to the laws of the country they are living in"

So we can only have one bank account?

I hate to think what these folks think about gay car insurance

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So a group of people have a product tailored to them, is this not the essence of the free market/marketing?

"they should be treated the same as everyone else and adhere to the laws of the country they are living in"

So we can only have one bank account?

I hate to think what these folks think about gay car insurance

Is that for a clio?

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