Two Muslim organisations have called for a boycott of Barclays Bank after it closed the accounts of Bolton-based charity the Ummah Welfare Trust (UWT). The move followed claims that the charity was indirectly helping to fund the Palestinian organisation Hamas. UWT has donated more than £200,000 over the past four years to another UK registered…
Lloyds TSB is under attack from various Islamic organisations for allegedly trying to close the account of Interpal – a charity that gives aid to Palestinians. Various websites have a copy of a letter of complaint to be sent to Lloyds’ City head office, with the name of the relevant employee. Alternatively, they give the…
UK high street bank Lloyds TSB has launched a Shariah-compliant nostro account that enables customers to transfer money around the world in line with Islamic principles prevents any funds being invested in industries – such as alcohol and gambling – that are prohibited under Islam. Lloyds TSB says the account, which is aimed at the…
It’s the fastest-growing sector of the banking industry, yet few City boys know much about it and hardly any finance students are being taught it. But Islamic banking’s mysteries are now beginning to be unveiled and just this last month a business school and an accountancy body have announced new postgraduate programmes specialising in it….
The bank has taken advice from Islamic scholars A new 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…
