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acidreign

Al Rayan Bank Cash Isa

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Fellow HPC members. Just spotted the subject bank offering up a 'better than normal dismal rate' for new Cash ISA's. They state:

  • AER expected profit rate:2.02%
  • Gross expected profit rate:2.00%
  • Account Available From:03/02/2015
  • Notice/Term:120 Day
  • Account Type:Cash ISA
  • Opening Restrictions: -
  • Additional InformationThis bank operates under Islamic finance principles, the rates displayed represent the expected profit rate.

From a quick google, the following information comes up about the bank:

Al Rayan Bank plc is a commercial bank in the United Kingdom, established in August 2004 to offer Sharia compliant financial service products to customers of any faith. Formerly knows as Islamic Bank of Britain.

Questions are, does this seem a good deal? Would you put your money there? What differences would be notable in banking under Sharia Law? I'm non-Muslim by the way.

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London is the leading Islamic banking center in the West. Islamist clerics with terrorist connections and a mission to Islamize Europe are infiltrating the United Kingdom through its banking system, and British officials are encouraging them. HSBC, Lloyds TSB, and Citigroup have opened Islamic banking units and branches throughout England. In 2005 the first stand-alone British Islamic bank, Islamic Bank of Britain, opened its doors. Middle Eastern Islamic banks have also set up shop in the UK.

Islamic banks are managed according to shari’a law, the defining principle being the prohibition of interest in all monetary transactions as commanded in the Qur’an. The other defining feature of Islamic banks is their operation of shari’a advisory boards comprised of Islamic scholars and clerics whose job it is to ensure that the banks’ activities comply with shari’a law. Proponents of the Islamic economic model (of which Islamic banking is a central pillar) argue that the Islamic system is superior to capitalism because it is structured around a strict code of ethics prohibiting exploitative practices, such as the charging of interest, with the aim of constructing a moral society. Capitalism’s single-minded focus on money, they argue, produces the social ills we see in the West whose manifestation would become impossible under the Islamic model.
Sheik Yousef Al-Qaradawi, a leading Sunni cleric, spiritual leader of the Muslim Brotherhood, and instigator and financier of terrorism in Europe and the Middle East, heads the fundamentalist European Council for Fatwa and Research, several of whose most prominent members sit on every major British Islamic bank’s shari’a board. Both Al-Qaradawi and the Council have expressed their hope that “Islam will return to Europe as a conqueror” by way of “preaching and ideology” or “by the sword.”

:rolleyes:

Source:- http://www.brusselsjournal.com/node/1898

Edited by XswampyX

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They are paying a good rate on only 3 months notice - ahead of every one year fixed rate.

They are also FSCS protected.

So what's the problem - aren't you going to pick a big bank instead? Yes cos they are so ethical.

If ethics is your thing try one of the small local building societies.

There is a current ISA best buy list here - and they are on it.

http://forums.moneysavingexpert.com/showthread.php?t=401374&page=206

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