Friday, April 27, 2007

Are Premium Bonds About to Become Shari'ah-Compliant?

BNP: Another day and yet another concession to Islamic forces in Britain from the Labour regime.

In a desperate bid to woe Muslim voters the Treasury want all types of government-sponsored savings products to be accessible to those who adhere to Islamic Sharia law.

Sharia law forbids gambling and the paying and/or levying of interest and many High Street banks have established Muslim friendly bank accounts and mortgages.

Premium Bonds, a favourite among small savers for 50 years — with the numbers that decide the winning bonds generated by a machine called “Ernie” — will be among the National Savings products to be tested for suitability. All other National Savings accounts will also be examined. Ernie to become Muslim friendly (Read on)

Mark Alexander