TSB Islamic Bank Account

Doing the rounds at the moment on FACEBOOK is a TSB Islamic Account Form, it is news to me that our banks are offering these accounts based on 'Sharia Law'. I didn't know these accounts existed so I 'googled' it and found several links including the one below.

Apparently, no interest is charged on these accounts.....I can only assume that no interest is 'paid' either?

I find it alarming that 'sharia' is being supported by our mainstream banks......where is it all going to end I ask?



http://www.ltradio.org/articles/?admin=linkto&link=213&&quick=y

Unlike the traditional banking model most Westerners are familiar with, Islamic banks are managed according to Sharia law. The main difference between Western banking and Islamic banking is the Quran prohibits the collection of interest in all monetary transactions, charging fees (and donations) for services provided in lieu of charging interest on loaned capital.


The above is taken from the first paragraph of your link. No bank on earth would operate a completely "free" system. HSBC have offered this type of banking for years, and when I was in business my bank manager explained that the "Sharia" based banking cost the same as a "non Sharia" type, but that it was structured differently and different phraseology was used.

With an Islamic population, there will naturally be a demand for Sharia products and services. It is worrying as we see the extreme of Sharia in the cutting off of women's noses and ears, stonings to death and other mutilations in the forms of Sharia law in place in some Islamic societies that we see in the news.

People are frightened by the idea of 'creeping Sharia' in the UK. The British ability to compromise, fudge, and absorb foreign ideas and customs is well known, but Sharia is an uncompromising system, so we will have to see how that works out.

I love the way that the end result is the same i.e you pay the bank to lend you money, but because of the words one accounts is Sharia friendly and one isn't. Sums up the daftness of religion to me.