THIS IS MONEY: As borrowers and savers call for a fairer banking system, are the principals of Islamic banking the answer? We take a look at the Islamic Bank of Britain
Tired of hearing about fat cat bank bonuses when you have been a bank's loyal saver for decades and received nothing?
Well, there is a new bank in Britain offering out a share of its profits, not just to shareholders, but those who deposit savings into its coffers.
The main aim of the Islamic Bank of Britain is to offer 'Sharia compliant' ways of borrowing and saving for British Muslims, which are in tune with Islamic law.
Non-Muslim bank customers can also benefit from this as Sharia rules – based on ethical trading principles – mean ordinary customers benefit along with the bank in the good times.
But they can also lose if the bank starts to lose funds. Is Islamic Banking the Model for Fairness? >>> Alan O’Sullivan | Saturday, April 4, 2009
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