Islamic Financial System

http://www.islam101.com/economy/economicsPrinciples.htm

http://www.iol.ie/~afifi/Articles/riba.htm

Find the bits yourself because I'm in lazy mode and cannot be bothered 😛

am i correct in saying most of us here have normal bank accounts? i mean with interest etc

i was approached by the Islamic Bank in B'ham....but they charge for membership...think i'll stick to HSBC

then in london, HSBC had that Amnah (?) banking system. the guy reassured theres no disadvantages in switching. has anyone tried it?

i like my student account....kill the overdraft 😛

I'm fine with my regular accounts. I'm lucky with Lloyds in that, at the end of the financial year, they send you a statement of all the interest you acrued over the year. Then I just take that amount and give it away.

But I think I would look at more Shari'ah friendly services for a mortgage..

All these Islamic banking services from the likes of HSBC...

Where/who do they get their religious legitimacy from?

Is it from proper scholars or just Muslim employees interpreting the sources?

[quote="irfghan"]All these Islamic banking services from the likes of HSBC...

Where/who do they get their religious legitimacy from?

Is it from proper scholars or just Muslim employees interpreting the sources?[/quote]

Hold up.. I've got a couple of leaflets from Lloyds and HSBC.. lemme go read. Don't go nowhere.

Unless you're making me a cup of coffee

Lloyds are working with a committee of Shari'ah scholars and Islamic financial experts for the correct guidance. I've just read the spiel.. impressive.

Same for HSBC - they actually have two of the same scholars as Lloyds on their committee too.

[quote="Aphrodite"]Lloyds are working with a committee of Shari'ah scholars and Islamic financial experts for the correct guidance. I've just read the spiel.. impressive.

Same for HSBC - they actually have two of the same scholars as Lloyds on their committee too.[/quote]

Do they 'spiel' about any names?

[quote="irfghan"][quote="Aphrodite"]Lloyds are working with a committee of Shari'ah scholars and Islamic financial experts for the correct guidance. I've just read the spiel.. impressive.

Same for HSBC - they actually have two of the same scholars as Lloyds on their committee too.[/quote]

Do they 'spiel' about any names?[/quote]

Eurgh.. I just KNEW you'd ask. I'm in lazy mode... do I have to walk three paces back to the coffee table to get the leaflet?

http://www.lloydstsb.com/media/lloydstsb2004/pdfs/ltsb_islamic_faqs.pdf

http://www.amanahfinance.hsbc.com/amanah/hsbcaf.nsf/Pages/ShariahSuperv…

I didn't even have to stand up 😃 😛

So, Lloyds have

[list][b]Sheikh Nizam Yaquby[/b] is regarded as one of the main authorities on Islamic finance across the world. He is based in Bahrain and advises several other banks around the world.
[b]Dr Muhammed Imran Ashraf Usmani[/b] is well known in the UK Muslim community. He is highly qualified and lectures in Islamic law in Karachi.
[b]Mufti Abdul Kadir Barkatullah[/b] is the Imam at the North London Finchley Mosque. He has built up a reputation amongst Muslims in the UK for his teachings. You may haveseen him appear on UK Islamic television discussing Islamic finance.
[b]Muhammed Nurullah Shikder[/b] is a Barrister-at-Law. He advises individuals and businesses on Islamic Finance.[/list:u]

HSBC

[list][b]Justice (Retd) Muhammed Taqi Usmani[/b]
Justice Taqi Usmani has had a distinguished career in Islamic law and finance and is a prominent member of a number of Islamic institutions. He received his training from Darul Uloom (Karachi, Pakistan), where he serves as Vice President.

[b]Shaykh Nizam Yaquby[/b]
Shaykh Nizam sits on the Islamic supervisory boards of several Islamic financial institutions and is an active scholar in Islamic finance. He received a BA degree in Economics and Comparative Religion from McGill University (Canada). Shaykh Nizam is currently completing his PhD in Islamic law at University of Wales (United Kingdom). He works as an independent Shariah consultant based in his home country, Bahrain.

[b]Dr. Mohamed Ali Elgari[/b]
As an established Islamic economist, Dr. Elgari teaches, writes and works with several institutions in the field. He received his PhD in Economics from University of California (USA), and is currently at King Abdulaziz University (Jeddah), Saudi Arabia.

[b]Dr. Muhammad Imran Ashraf Usmani[/b]
Dr. Imran holds a PhD in Islamic Finance. He has also obtained degrees of Alimiyyah and Takhassus (specialization in Islamic Jurisprudence) from Jamia Darul Uloom, Karachi. Dr. Imran is a faculty member/teacher of Jamia Darul Uloom, Karachi and Institute of Business Administration (IBA), Karachi. He is author of various books on Shariah (Islamic law). [/list:u]

Anyone know anything about any of these people?

I work for Lloyds and i dont have a clue bout what aphro has mentioned :oops:

Need to do my homework!

Maybe they have different people handling the complaints about the Islamic services. People more qualified. 😛

[quote="irfghan"]Maybe they have different people handling the complaints about the Islamic services. People more qualified. :P[/quote]

Well when its ppl like you callin in then they would direct nobody's like you to the ppl of the same level (so you aren't likely to speak to me ever 😛 I only deal with calls that need maximum quality which i give!

One other thing we have to take inflation into account.

If the interest rate offered by your bank is less than the rate of inflation, that bit is allowed.

Since current accounts give an apr of around 0.1%, and inflation is normally over 4% (real infation is currently hovering over 2%)... it is allowed.

It is not just about taking interest. You should avoid giving it aswell. So if you have a loan you still need to chek out the islamic option.