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Sharia student account

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    Sharia student account

    Lloyds TSB is to offer student current accounts through its 2,000 branches which comply with Islamic law.
    So as to meet the requirements of Islamic Sharia law, the accounts will not pay or charge interest.
    http://news.bbc.co.uk/1/hi/business/5274940.stm

    #2
    I have just converted to Islam for this very reason. Interest free borrowing.

    Now, where can I buy 400KG of Nitrogen rich fertilizer?

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      #3
      does anybody see where this is all leading ?


      I'll get me coat.

      Milan.

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        #4
        Originally posted by DimPrawn
        Now, where can I buy 400KG of Nitrogen rich fertilizer?
        You might as well buy it in credit so that non-payment would also hit the infidels...

        Banks love this kind of crap - of course you get £50 free overdraft, but you probably need to generally have £1500 in bank account during the year for which you won't get interest.

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          #5
          Anybody with any sense will open a sharia account and max out the overdraft. Then take that money round to a high street bank or building society and stick it in a high interest account for the duration.
          I am not qualified to give the above advice!

          The original point and click interface by
          Smith and Wesson.

          Step back, have a think and adjust my own own attitude from time to time

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            #6
            Nice try Lone, but always read the small print - for actually using overdraft you will get beheaded...

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              #7
              You won't be charged "interest". Instead there'll be a "loan administration fee" or some such nonsense.
              We must strike at the lies that have spread like disease through our minds

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                #8
                It's not her veil, it's her hair, and she is one of the 12 archetypes.
                We must strike at the lies that have spread like disease through our minds

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                  #9
                  Cherie, the wide mouthed frog?

                  Originally posted by zeitghost
                  Hey, Fleety, who's the bint in the veil?
                  If you think my attitude stinks, you should smell my fingers.

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                    #10
                    Students opening the account will receive a £1,500 interest-free overdraft
                    This is the bog standard (minimum) student offer anyway. If you push them/plead poverty/are doing a good degree like medicine the banks will often give you much more, all of it intrest free.

                    The cost of the overdraft to the bank is irrelevant if it wins them a lifetime customer.

                    Though I supose if the student blows themselves up upon graduation the upside might not be so great.....

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