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(business) Islamic banking 'goes mainstream' (moved from ATSNN)

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posted on Feb, 15 2005 @ 03:23 AM
During last year, a survey was carried on mulsims. The results show that the majority of them wanted sharia law in the UK. Sharia is the code of law derived from the Koran and from the teachings and example of Mohammed; "sharia is only applicable to Muslims"; "under Islamic law there is no separation of church and state" . At the moment, i believe, only banks were be covered under Sharia law.
The first High Street bank account compatible with Islamic sharia law is due to be introduced.

The Lloyds TSB account will offer no interest or overdraft facilities, as under Islamic law the receipt and payment of interest is forbidden.

The introduction of the account follows the opening of a specialist Islamic bank in the UK last year.

Gordon Rankin of Lloyds TSB said its new account would make Islamic banking "mainstream".

"Our research shows that over three-quarters of British Muslims want banking services that fit with their faith.

"However, until now their banking needs have been largely uncatered for and many British Muslims have often had to bank in a way that is against their principles," Mr Rankin said.

Please visit the link provided for the complete story.

Of course, some extremists, will state that the UK may end up becoming an Islamic State. I feel, that is highly unlikely due to the UK beeing a Christian country. This news has been around for a while now, some talk of this has been going for about two years or so.

I see nothing wrong with this move. The market is meant to be worth billions and its open to a great potential.

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