Lloyds drops overdraft fee on Islamic accounts

Lloyds Bank has been accused of religious discrimination after offering free overdraft accounts to Muslims.

The bank sent customers a booklet this month explaining new charges. While many will have to pay up to £80 a month if they go into the red, Muslims were told they would escape the charges. The document said: “We are removing the monthly overdraft management fee of £6 from our Islamic Account, Islamic Student Account and Islamic Graduate Account. So, if you use an unplanned overdraft on these accounts, there won’t be any charges.”

One customer, Anita Milton, a nurse of New Eltham, south London, said: “I can’t believe that they’re thinking of offering one account for Muslims and making everyone else pay for the same service. Do I have to change my religion to get the best deal?"

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10789509/Lloyds-drops-overdraft-fee-on-Islamic-accounts.html

Middle son studying at uni will now change both his religion and bank details....

Thanks for the info

 ::D:: 

gerber wrote:Middle son studying at uni will now change both his religion and bank details....

Thanks for the info

 ::D:: 

Tell him to move to Scotland and call his digs a mosque.

If the Scottish will have him that is...

Sorry - just checked - if you're from England, you pay the lot.

Scotland, Wales, or anywhere else in Europe, you don't pay the lot.

BigAndy9 wrote:

gerber wrote:Middle son studying at uni will now change both his religion and bank details....

Thanks for the info

 ::D:: 

Tell him to move to Scotland and call his digs a mosque.

If the Scottish will have him that is...

He is studying in Edinburgh ironically................... and has to pay full wkack  

BigAndy9 wrote:Sorry - just checked - if you're from England, you pay the lot.

Scotland, Wales, or anywhere else in Europe, you don't pay the lot.

tell us about it................ Actually don't thank you   

I shall be looking into this - although I never go overdrawn obviously.  ::D:: 

According to the article Lloyds are saying...

All of our Islamic accounts comply with Islamic law and are available to anyone regardless of background or faith.

Get in there...

I'm with the Royal

Irn Bru wrote:According to the article Lloyds are saying...

All of our Islamic accounts comply with Islamic law and are available to anyone regardless of background or faith.

Get in there...

I'm with the Royal

Why call it an Islamic account if anyone can have one?   

Raggamuffin wrote:

Irn Bru wrote:According to the article Lloyds are saying...

All of our Islamic accounts comply with Islamic law and are available to anyone regardless of background or faith.

Get in there...

I'm with the Royal

Why call it an Islamic account if anyone can have one?   

Give Lloyds a ring. I'm sure they'll be able to explain it to you and invite you to transfer to one of them if you wish.

Raggamuffin wrote:

Irn Bru wrote:According to the article Lloyds are saying...

All of our Islamic accounts comply with Islamic law and are available to anyone regardless of background or faith.

Get in there...

I'm with the Royal

Why call it an Islamic account if anyone can have one?   

because it follows the rules in the Koran, its not all bad you know they Actually still count Usury as a sin   

Exactly, and Islamic Bank of Britain allows anyone to have an account with them, you don't have to be Muslim, and they don't charge interest either.

No they dont...I understand that instead they charge stinking great fees AND then you land with a tax liability on interest you dont pay...

Next time I pass a Lloyds bank I'll be expecting to see camels tied up to bollards in the car park.

Has it really come to this

victorisnotamused wrote:No they dont...I understand that instead they charge stinking great fees AND then you land with a tax liability on interest you dont pay...

Not true, there was a money programme on today, non-Muslims are treated exactly the same as Muslims. In fact on the programme today they were advising joining the Islamic Bank!

Irn Bru wrote:Next time I pass a Lloyds bank I'll be expecting to see camels tied up to bollards in the car park.

Has it really come to this

yup...islamification proceeds nicely.......

Sassy wrote:

victorisnotamused wrote:No they dont...I understand that instead they charge stinking great fees AND then you land with a tax liability on interest you dont pay...

Not true, there was a money programme on today, non-Muslims are treated exactly the same as Muslims.   In fact on the programme today they were advising joining the Islamic Bank!

i didnt say the were treated any differently.....how do you think an "Islamic" bank makes its money??? they dont charge interest...they charge "arrangement fees"
AND you have a tax liability on interest you dont pay......

Irn Bru wrote:Next time I pass a Lloyds bank I'll be expecting to see camels tied up to bollards in the car park.

Has it really come to this

 ::smthg:: ::smthg:: ::smthg:: ::smthg:: ::smthg:: 

victorisnotamused wrote:

Sassy wrote:

Not true, there was a money programme on today, non-Muslims are treated exactly the same as Muslims.   In fact on the programme today they were advising joining the Islamic Bank!

i didnt say the were treated any differently.....how do you think an "Islamic" bank makes its money??? they dont charge interest...they charge "arrangement fees"
AND you have a tax liability on interest you dont pay......

Yes, but you know the fees from the onset and there are no interest rates to go up or down.

It becoming very popular as people get fed up with the way the normal banks work:

http://www.theguardian.com/news/datablog/2013/oct/29/Islamic-finance-for-beginners

Guys, guys, guys -- it's not a special bank account especially for Muslims, as Sassy has pointed out. Think of it as a "halal" bank account, only in this case it's actually labeled as such  

What is actually happening here -- and all that's really happening -- is that people are learning that they actually like Islamic banking laws.     

Sassy wrote:

victorisnotamused wrote:

Sassy wrote:

Not true, there was a money programme on today, non-Muslims are treated exactly the same as Muslims.   In fact on the programme today they were advising joining the Islamic Bank!

i didnt say the were treated any differently.....how do you think an "Islamic" bank makes its money??? they dont charge interest...they charge "arrangement fees"
AND you have a tax liability on interest you dont pay......

Yes, but you know the fees from the onset and there are no interest rates to go up or down.

It becoming very popular as people get fed up with the way the normal banks work:

http://www.theguardian.com/news/datablog/2013/oct/29/Islamic-finance-for-beginners

plus those fees cannot exceed 10% of total, but if you are paying 5% per annum on 20 year loan you are paying way more than 10% in total interests cost by the time your finished, closer to 80% of the original Principal. Here they are often tied to house and land packages and they are also making profit off the house and land (part of the business model), the loans just allows people to buy, just like the Electronics store that does '6 months interest free' just a different scale.   

I was just about to say how awfully biased this is until I read that anyone can have one of theses Islamic accounts..


Come on Tess, don't just write half truths and leave the rest out !!!...

Or was it Andy?...same thing   

Joy Division wrote:I was just about to say how awfully biased this is until I read that anyone can have one of theses Islamic accounts..


Come on Tess, don't just write half truths and leave the rest out !!!...

Or was it Andy?...same thing   

And queers don't have to live in queer-hating countries, but you all still get upset about it don't you?

I could go on, but I think you understand that it is discrimination, but as we have been discussing this past month, you will defend it.

Just went down to open my new account - have you seen their new signs?



B4st4rds!

BigAndy9 wrote:

Joy Division wrote:I was just about to say how awfully biased this is until I read that anyone can have one of theses Islamic accounts..


Come on Tess, don't just write half truths and leave the rest out !!!...

Or was it Andy?...same thing   

And queers don't have to live in queer-hating countries, but you all still get upset about it don't you?

I could go on, but I think you understand that it is discrimination, but as we have been discussing this past month, you will defend it.

If the banks are available to anyone, then it isn't discrimination.

As for queers not having to live in queer hating countries- well you are sort of right; they can come here and claim asylum if they are from (for example) Uganda or Saudi Arabia- but then you'd moan about that wouldn't you   

"All of our Islamic accounts comply with Islamic law and are available to anyone regardless of background or faith. "


What Islamic law?

And this from a few years ago:

Many Lloyds TSB customers are being hit with charges of up to £200 a month if they go into the red - while Muslims who use the bank are only being charged £15.

The part-nationalised bank has been accused of religious discrimination over the disparity between overdraft charges on its standard current account and its Islamic account.

The Islamic account was set up by the high street bank to attract Muslim customers by allowing them to keep faithful to their religion.


Sharia law does not permit the payment of interest so the 'typical' Islamic account at Lloyds TSB has been set up without an overdraft facility.


Read more: http://www.dailymail.co.uk/news/article-1208204/An-overdraft-Thatll-200-Lloyds-TSB-15-youre-Muslim.html#ixzz30Guhm4cZ

BigAndy9 wrote:"All of our Islamic accounts comply with Islamic law and are available to anyone regardless of background or faith. "


What Islamic law?  

And this from a few years ago:

Many Lloyds TSB customers are being hit with charges of up to £200 a month if they go into the red - while Muslims who use the bank are only being charged £15.

The part-nationalised bank has been accused of religious discrimination over the disparity between overdraft charges on its standard current account and its Islamic account.

The Islamic account was set up by the high street bank to attract Muslim customers by allowing them to keep faithful to their religion.


Sharia law does not permit the payment of interest so the 'typical' Islamic account at Lloyds TSB has been set up without an overdraft facility.


Read more: http://www.dailymail.co.uk/news/article-1208204/An-overdraft-Thatll-200-Lloyds-TSB-15-youre-Muslim.html#ixzz30Guhm4cZ

Not formal (as in government passed) Islamic law Andy, but the law of the faith they believe. And again you could go and set up such an account if you like- what is the problem?

BigAndy9 wrote:

Joy Division wrote:I was just about to say how awfully biased this is until I read that anyone can have one of theses Islamic accounts..


Come on Tess, don't just write half truths and leave the rest out !!!...

Or was it Andy?...same thing   

And queers don't have to live in queer-hating countries, but you all still get upset about it don't you?

I could go on, but I think you understand that it is discrimination, but as we have been discussing this past month, you will defend it.

I don't really approve of the word 'queer' tbh.  

Joy Division wrote:I was just about to say how awfully biased this is until I read that anyone can have one of theses Islamic accounts..


Come on Tess, don't just write half truths and leave the rest out !!!...

Or was it Andy?...same thing   

WTF? I simply posted the article. I made NO comment whatsoever. How is that half the facts exactly? Anyway, if you think it's not biased I read somewhere (will find it) that the bank only sent this information to Muslim customers, and that if people in general took advantage of it on a large scale the bank would suffer a great loss, so clearly it wasn't intended to be made so public, and was biased in favour of Muslims.

I hope every fucker takes advantage of it and costs the bank a fortune. Karma.

Tesstacious wrote:

Joy Division wrote:I was just about to say how awfully biased this is until I read that anyone can have one of theses Islamic accounts..


Come on Tess, don't just write half truths and leave the rest out !!!...

Or was it Andy?...same thing   

WTF?  I simply posted the article.  I made NO comment whatsoever.  How is that half the facts exactly?  Anyway, if you think it's not biased I read somewhere (will find it) that the bank only sent this information to Muslim customers, and that if people in general took advantage of it on a large scale the bank would suffer a great loss, so clearly it wasn't intended to be made so public, and was biased in favour of Muslims.

I hope every fucker takes advantage of it and costs the bank a fortune.  Karma.

..oh honestly Tess, you should present all the facts   

LMAO at the latter of your post  

FluffyBunny wrote:

BigAndy9 wrote:


And queers don't have to live in queer-hating countries, but you all still get upset about it don't you?

I could go on, but I think you understand that it is discrimination, but as we have been discussing this past month, you will defend it.

I don't really approve of the word 'queer' tbh.  

And I respect you not approving of it.

It is wrong to drop fees for only a chosen group based on religion or race etc, just as it would be to impose extra on others for the same reasons.

Lloyd's car park