UK Muslim account at LLOYDS

[Jimmy]

Have you still got an account at Lloyds bank? Perhaps it is time to become a Muslim in name only. http://www.weeklygripe.co.uk/a788.asp

[Gardener]

Why?

The account is open to any one, but I can't see any advantages.

[Jimmy]

Me-thinks you miss the point!

[Gardener]

What point would that be then?

Banks offering a service that suits the requirements of some of their customers. No different really from English speaking banks in France , they too are open to anybody but are designed to meet the needs of certain residents.

[mint]

I think you'll find that Muslim people with savings will also not receive any interest.

In any case, I doubt that Lloyds or any other bank would let you go vastly over your agreed overdraft.  And haven't we all, at some time or other, miscalculate and go over by a few quid?

Believe me, these banks don't "give" anybody anything for nothing.

[Jimmy]

[quote user="Gardener"]What point would that be then?

Banks offering a service that suits the requirements of some of their customers. No different really from English speaking banks in France , they too are open to anybody but are designed to meet the needs of certain residents.[/quote]

Why would you then offer an account just for Muslims (or any other race/creed for that matter) with different rates to everyone else? It is obvious from your response you didn't read the details on the Lloyds website. Go overdrawn with a "normal" account and you incur charges of £20 a day. Do the same with a "Muslim" account and you are charged a flat £15 fee. That would be the point! Why not alter the rate for every account? Why call it a "Muslim" account?

".....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.' It is against my principles to pay excessive charges to a bank!

[Jimmy]

[quote user="Gardener"] No different really from English speaking banks in France , they too are open to anybody but are designed to meet the needs of certain residents.[/quote]

Can you direct me to one where I can get better terms and conditions than my French neighbour?

[Gardener]

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

They are getting a differnt service that's all.

NO interest. NO overdraft.

So they bank is paying them any money and neither are they borrowing the banks money.

From the website

Islamic Free All the main Classic account benefits. No interest paid or received (in accordance with Shariah law) and this means no Planned Overdraft available. Money managed in a Shariah way .

Again from the website

http://www.lloydstsb.com/current_accounts/overdraft_changes.asp

Classic Account, Added Value Accounts, Student and Graduate Accounts

(There is a monthly fee for Added Value Accounts)

Reasons that you might pay fees Current Unplanned Overdraft fees Unplanned Overdraft fees from December 2010

We refuse a payment from your account because there is not enough money in your account. £20 If size of payment is £10 or less: Nil

If size of payment is £10.01 or greater: £10

A payment from your account takes you into an Unplanned Overdraft by less than £10.

You use an Unplanned Overdraft for one day during the month. £21 Nil

A payment from your account takes you into an Unplanned Overdraft and you make another payment from the account while you are overdrawn.

You use an Unplanned Overdraft for two days in a row during the month.

(Based on your account being in an Unplanned Overdraft for one day between £25-£100 followed by one day in excess of £100)

£50 £25

A payment from your account takes you into an Unplanned Overdraft and you make nine further payments from your account while you are overdrawn.

You use an Unplanned Overdraft for 10 days in a row during the month.

(Based on your account being in an Unplanned Overdraft for one day for between £25 - £100 and then for nine days in excess of £100*) £210 £85

A payment from your account takes you into an Unplanned Overdraft. You are overdrawn for one day.

However, on three further occasions during the same month, a payment takes you into an Unplanned Overdraft. On each of these occasions you are overdrawn for three days.

(Based on your account being in an Unplanned Overdraft for one day at less than £10, three days between £25-£100 and then six days in excess of £100*) £186 £85

A payment from your account takes you into an Unplanned Overdraft. You are overdrawn for 21 days in a row during the month and you make 12 further payments from the account while you are overdrawn.

(Based on your account being in an Unplanned Overdraft for five days between £25-£100 and 16 days in excess of £100*) £190 £85

* You will only pay Unplanned Overdraft Daily Fees for up to a maximum of 10 days in any monthly billing period. From December 2010, you will only pay Unplanned Overdraft daily fees for up to a maximum of 8 days in any billing period.

Back to top

Classic Account with Control (£10 monthly fee)

Reasons that you might pay fees Current Unplanned Overdraft fees Unplanned Overdraft fees from December 2010

We refuse a payment from your account because there is not enough money in your account. £10 Nil

A payment from your account takes you into an Unplanned Overdraft by less than £10.

You use an Unplanned Overdraft for one day during the month. £15 Nil

A payment from your account takes you into an Unplanned Overdraft and you make another payment from the account while you are overdrawn.

You use an Unplanned Overdraft for two days in a row during the month.

(Based on your account being in an Unplanned Overdraft for one day between £25-£100 followed by one day in excess of £100)

£15 Nil

A payment from your account takes you into an Unplanned Overdraft and you make nine further payments from your account while you are overdrawn.

You use an Unplanned Overdraft for 10 days in a row during the month.

(Based on your account being in an Unplanned Overdraft for one day for between £25 - £100 and then for nine days in excess of £100) £15 Nil

A payment from your account takes you into an Unplanned Overdraft. You are overdrawn for one day.

However, on three further occasions during the same month, a payment takes you into an Unplanned Overdraft. On each of these occasions you are overdrawn for three days.

(Based on your account being in an Unplanned Overdraft for one day at less than £10, three days between £25-£100 and then six days in excess of £100) £15 Nil

A payment from your account takes you into an Unplanned Overdraft. You are overdrawn for 21 days in a row during the month and you make 12 further payments from the account while you are overdrawn.

(Based on your account being in an Unplanned Overdraft for five days between £25-£100 and 16 days in excess of £100) £15 Nil

Back to top

Cash Account

Reasons that you might pay fees Current Unplanned Overdraft fees Unplanned Overdraft fees from December 2010

We refuse a payment from your account because there is not enough money in your account. If size of payment is less than £10: Nil

If size of payment is £10 or greater: £20 If size of payment is £10 or less: Nil

If size of payment is £10.01 or greater: £10

A payment from your account takes you into an Unplanned Overdraft by less than £10.

You use an Unplanned Overdraft for one day during the month. £15 Nil

A payment from your account takes you into an Unplanned Overdraft and you make another payment from the account while you are overdrawn.

You use an Unplanned Overdraft for two days in a row during the month.

(Based on your account being in an Unplanned Overdraft for one day between £25-£100 followed by one day in excess of £100)

£15 £5

A payment from your account takes you into an Unplanned Overdraft and you make nine further payments from your account while you are overdrawn.

You use an Unplanned Overdraft for 10 days in a row during the month.

(Based on your account being in an Unplanned Overdraft for one day for between £25 - £100 and then for nine days in excess of £100) £15 £5

A payment from your account takes you into an Unplanned Overdraft. You are overdrawn for one day.

However, on three further occasions during the same month, a payment takes you into an Unplanned Overdraft. On each of these occasions you are overdrawn for three days.

(Based on your account being in an Unplanned Overdraft for one day at less than £10, three days between £25-£100 and then six days in excess of £100) £15 £5

A payment from your account takes you into an Unplanned Overdraft. You are overdrawn for 21 days in a row during the month and you make 12 further payments from the account while you are overdrawn.

(Based on your account being in an Unplanned Overdraft for five days between £25-£100 and 16 days in excess of £100) £15 £5

Back to top

Islamic Account

Reasons that you might pay fees Current Unplanned Overdraft fees Unplanned Overdraft fees from December 2010

We refuse a payment from your account because there is not enough money in your account. £20 If size of payment is £10 or less: Nil

If size of payment is £10.01 or greater: £10

A payment from your account takes you into an Unplanned Overdraft by less than £10.

You use an Unplanned Overdraft for one day during the month. £15 Nil

A payment from your account takes you into an Unplanned Overdraft and you make another payment from the account while you are overdrawn.

You use an Unplanned Overdraft for two days in a row during the month.

(Based on your account being in an Unplanned Overdraft for one day between £25-£100 followed by one day in excess of £100)

£15 £5

A payment from your account takes you into an Unplanned Overdraft and you make nine further payments from your account while you are overdrawn.

You use an Unplanned Overdraft for 10 days in a row during the month.

(Based on your account being in an Unplanned Overdraft for one day for between £25 - £100 and then for nine days in excess of £100) £15 £5

A payment from your account takes you into an Unplanned Overdraft. You are overdrawn for one day.

However, on three further occasions during the same month, a payment takes you into an Unplanned Overdraft. On each of these occasions you are overdrawn for three days.

(Based on your account being in an Unplanned Overdraft for one day at less than £10, three days between £25-£100 and then six days in excess of £100) £15 £5

A payment from your account takes you into an Unplanned Overdraft. You are overdrawn for 21 days in a row during the month and you make 12 further payments from the account while you are overdrawn.

(Based on your account being in an Unplanned Overdraft for five days between £25-£100 and 16 days in excess of £100) £15 £5

Back to top

There are charges attached to the Islamic account.And surprise surprise they are the same as for the cash account.

But by all means, if you don't want any interest on your money and no overdraft facility, go ahead and change.

[Jimmy]

[quote user="Gardener"]http://www.lloydstsb.com/media/lloydstsb2004/pdfs/islamic_account_welcome_pack.pdf

They are getting a differnt service that's all.

NO interest. NO overdraft.

So they bank is paying them any money and neither are they borrowing the banks money.

From the website

Islamic Free All the main Classic account benefits. No interest paid or received (in accordance with Shariah law) and this means no Planned Overdraft available. Money managed in a Shariah way .

Again from the website

http://www.lloydstsb.com/current_accounts/overdraft_changes.asp

Classic Account, Added Value Accounts, Student and Graduate Accounts

(There is a monthly fee for Added Value Accounts)

Reasons that you might pay fees Current Unplanned Overdraft fees Unplanned Overdraft fees from December 2010

We refuse a payment from your account because there is not enough money in your account. £20 If size of payment is £10 or less: Nil

If size of payment is £10.01 or greater: £10

A payment from your account takes you into an Unplanned Overdraft by less than £10.

You use an Unplanned Overdraft for one day during the month. £21 Nil

A payment from your account takes you into an Unplanned Overdraft and you make another payment from the account while you are overdrawn.

You use an Unplanned Overdraft for two days in a row during the month.

(Based on your account being in an Unplanned Overdraft for one day between £25-£100 followed by one day in excess of £100)

£50 £25

A payment from your account takes you into an Unplanned Overdraft and you make nine further payments from your account while you are overdrawn.

You use an Unplanned Overdraft for 10 days in a row during the month.

(Based on your account being in an Unplanned Overdraft for one day for between £25 - £100 and then for nine days in excess of £100*) £210 £85

A payment from your account takes you into an Unplanned Overdraft. You are overdrawn for one day.

However, on three further occasions during the same month, a payment takes you into an Unplanned Overdraft. On each of these occasions you are overdrawn for three days.

(Based on your account being in an Unplanned Overdraft for one day at less than £10, three days between £25-£100 and then six days in excess of £100*) £186 £85

A payment from your account takes you into an Unplanned Overdraft. You are overdrawn for 21 days in a row during the month and you make 12 further payments from the account while you are overdrawn.

(Based on your account being in an Unplanned Overdraft for five days between £25-£100 and 16 days in excess of £100*) £190 £85

* You will only pay Unplanned Overdraft Daily Fees for up to a maximum of 10 days in any monthly billing period. From December 2010, you will only pay Unplanned Overdraft daily fees for up to a maximum of 8 days in any billing period.

Back to top

Classic Account with Control (£10 monthly fee)

Reasons that you might pay fees Current Unplanned Overdraft fees Unplanned Overdraft fees from December 2010

We refuse a payment from your account because there is not enough money in your account. £10 Nil

A payment from your account takes you into an Unplanned Overdraft by less than £10.

You use an Unplanned Overdraft for one day during the month. £15 Nil

A payment from your account takes you into an Unplanned Overdraft and you make another payment from the account while you are overdrawn.

You use an Unplanned Overdraft for two days in a row during the month.

(Based on your account being in an Unplanned Overdraft for one day between £25-£100 followed by one day in excess of £100)

£15 Nil

A payment from your account takes you into an Unplanned Overdraft and you make nine further payments from your account while you are overdrawn.

You use an Unplanned Overdraft for 10 days in a row during the month.

(Based on your account being in an Unplanned Overdraft for one day for between £25 - £100 and then for nine days in excess of £100) £15 Nil

A payment from your account takes you into an Unplanned Overdraft. You are overdrawn for one day.

However, on three further occasions during the same month, a payment takes you into an Unplanned Overdraft. On each of these occasions you are overdrawn for three days.

(Based on your account being in an Unplanned Overdraft for one day at less than £10, three days between £25-£100 and then six days in excess of £100) £15 Nil

A payment from your account takes you into an Unplanned Overdraft. You are overdrawn for 21 days in a row during the month and you make 12 further payments from the account while you are overdrawn.

(Based on your account being in an Unplanned Overdraft for five days between £25-£100 and 16 days in excess of £100) £15 Nil

Back to top

Cash Account

Reasons that you might pay fees Current Unplanned Overdraft fees Unplanned Overdraft fees from December 2010

We refuse a payment from your account because there is not enough money in your account. If size of payment is less than £10: Nil

If size of payment is £10 or greater: £20 If size of payment is £10 or less: Nil

If size of payment is £10.01 or greater: £10

A payment from your account takes you into an Unplanned Overdraft by less than £10.

You use an Unplanned Overdraft for one day during the month. £15 Nil

A payment from your account takes you into an Unplanned Overdraft and you make another payment from the account while you are overdrawn.

You use an Unplanned Overdraft for two days in a row during the month.

(Based on your account being in an Unplanned Overdraft for one day between £25-£100 followed by one day in excess of £100)

£15 £5

A payment from your account takes you into an Unplanned Overdraft and you make nine further payments from your account while you are overdrawn.

You use an Unplanned Overdraft for 10 days in a row during the month.

(Based on your account being in an Unplanned Overdraft for one day for between £25 - £100 and then for nine days in excess of £100) £15 £5

A payment from your account takes you into an Unplanned Overdraft. You are overdrawn for one day.

However, on three further occasions during the same month, a payment takes you into an Unplanned Overdraft. On each of these occasions you are overdrawn for three days.

(Based on your account being in an Unplanned Overdraft for one day at less than £10, three days between £25-£100 and then six days in excess of £100) £15 £5

A payment from your account takes you into an Unplanned Overdraft. You are overdrawn for 21 days in a row during the month and you make 12 further payments from the account while you are overdrawn.

(Based on your account being in an Unplanned Overdraft for five days between £25-£100 and 16 days in excess of £100) £15 £5

Back to top

Islamic Account

Reasons that you might pay fees Current Unplanned Overdraft fees Unplanned Overdraft fees from December 2010

We refuse a payment from your account because there is not enough money in your account. £20 If size of payment is £10 or less: Nil

If size of payment is £10.01 or greater: £10

A payment from your account takes you into an Unplanned Overdraft by less than £10.

You use an Unplanned Overdraft for one day during the month. £15 Nil

A payment from your account takes you into an Unplanned Overdraft and you make another payment from the account while you are overdrawn.

You use an Unplanned Overdraft for two days in a row during the month.

(Based on your account being in an Unplanned Overdraft for one day between £25-£100 followed by one day in excess of £100)

£15 £5

A payment from your account takes you into an Unplanned Overdraft and you make nine further payments from your account while you are overdrawn.

You use an Unplanned Overdraft for 10 days in a row during the month.

(Based on your account being in an Unplanned Overdraft for one day for between £25 - £100 and then for nine days in excess of £100) £15 £5

A payment from your account takes you into an Unplanned Overdraft. You are overdrawn for one day.

However, on three further occasions during the same month, a payment takes you into an Unplanned Overdraft. On each of these occasions you are overdrawn for three days.

(Based on your account being in an Unplanned Overdraft for one day at less than £10, three days between £25-£100 and then six days in excess of £100) £15 £5

A payment from your account takes you into an Unplanned Overdraft. You are overdrawn for 21 days in a row during the month and you make 12 further payments from the account while you are overdrawn.

(Based on your account being in an Unplanned Overdraft for five days between £25-£100 and 16 days in excess of £100) £15 £5

Back to top

There are charges attached to the Islamic account.And surprise surprise they are the same as for the cash account.

But by all means, if you don't want any interest on your money and no overdraft facility, go ahead and change.[/quote]

Wow - you can cut and paste - excellent. You stll fail to see the point.

[mint]

And what point would that be?

Perhaps you'd be kind enough to spell it out so that the denser amongst us can understand it?

[Gardener]

If you have a look at the information taken from the banks website rather than from the Daily Mail, you will see that the Islamic Account has the SAME FEES for being overdrawn etc as the cash acount.

Now your gripe was that they were getting a better deal / no fees etc and I have proved by pasting factual information from the website that they aren't.

So whatever point you are trying to make, yeah I've failed to see it, so please spell it out.

[allanb]

I worked for a few years in a strictly Islamic country, and my company borrowed rather large amounts of money to finance a factory.  We didn't pay a penny in interest.

We did regularly pay a certain percentage of the amount borrowed, but it wasn't interest; it was "commission."  This kept God happy, apparently.

I wonder whether Lloyds has had a similar idea?

[Will]

I take it your 'point' is that the Daily Mail is a nasty, xenophobic s***-stirring little rag that likes to whip up anti-foreigner feeling, particularly anti-Islamic.

And before you accuse me of being equally prejudiced, may I remind you that I used to work for the Daily Mail group so I have some knowledge of its agenda.

[Richard51]

[quote user="allanb"]I worked for a few years in a strictly Islamic country, and my company borrowed rather large amounts of money to finance a factory.  We didn't pay a penny in interest.

We did regularly pay a certain percentage of the amount borrowed, but it wasn't interest; it was "commission."  This kept God happy, apparently.

I wonder whether Lloyds has had a similar idea?

[/quote]

That's exactly what it is allanb.  The muslim community still 'borrow' and 'lend', 'pay' and get 'returns' and the banks still make their profit.  It's all just labelled and packaged to call it something other than 'interest'.  Bit of a farce really - but if that's what the banks have to do to get a bite of the islamic cake....

Mrs R51

[Richard51]

As an aside it would be great if we Brits could do a similar thing in France...

Viz: demand a British style account where you:

1) get a better deal by having internet only access - instead of being charged a premium,

2) get your debit card for free instead of paying some ridiculous annual fee,

3) have a bank that uses 21st century technology rather than encouraging the use of cheques...etc etc

Mrs R51

[Pickles]

[quote user="Richard51"]As an aside it would be great if we Brits could do a similar thing in France...

Viz: demand a British style account where you:

1) get a better deal by having internet only access - instead of being charged a premium,

2) get your debit card for free instead of paying some ridiculous annual fee,

3) have a bank that uses 21st century technology rather than encouraging the use of cheques...etc etc[/quote]

I know that we are going off-topic here, but have a look at Boursorama (www.boursorama.com). Subject to conditions, such as either putting in a certain amount per month or else having savings with them above a certain level, cards are free and other transactions are free. We've set up an account there and are happy with the service thus far.

Regards

Pickles

[Quillan]

[quote user="Will"]I take it your 'point' is that the Daily Mail is a nasty, xenophobic s***-stirring little rag that likes to whip up anti-foreigner feeling, particularly anti-Islamic.

And before you accuse me of being equally prejudiced, may I remind you that I used to work for the Daily Mail group so I have some knowledge of its agenda.
[/quote]

Totally agree Will. So many times have I read things in the Daily Mail that have been wrong, Burka ban in France being the one before this and then reading the readers comments. It certainly appeals to a particular group of people who seem very open to 'suggestion' which the DM certainly seems to do quite often. I guess it sells papers but I wish they wouldn't make up the news as they went along. As for a certain gentleman who writes for them about being British etc and the state of the UK, but actually lives in the states, the least said him better, little by name, little by brain.

As to the availability of this type of account I suspect other banks, if they have not done so already, will follow their lead. As somebody said, Sweet17 I think, they are not doing this out of the kindness of the heart, its about making money and if the other banks can't be bothered to try and capture this niche market and make a few bob then why not.

[Rose (& Greyman)]

Lloyds aren't the only bank disgracefully pandering to the minority immigrant population - http://www.britline.com/currentaccount/applying/. I'm shocked, how could this happen in a modern western democracy. I'm told some of these immigrants even refuse to learn the local language. [Www]