Immigration Belgo-Dutch bank to start Islam-friendly accounts

[Maciamo]

This is one of the best ones I have heard in a while.

Expatica : Fortis considers Islam-friendly investments

The Belgian-Dutch Banking group Fortis is considering launching an investment plan that respects Islamic opposition to investments that earn money.

The concept of credit and interest is very complex within the Islamic faith, but the basic rule is simple: money cannot earn money.

Fortis might therefore set up accounts that do not yield interest for the account holders. The interest could then be donated to the disadvantaged.

The banking and insurance firm is also considering setting up investment schemes which are not linked to companies involved in the alcohol, sex, gaming or tobacco industries.
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I didn't know that Muslims were opposed to earning interests. Anyhow, these new zero-interest accounts cannot be a bad thing for the banks.

Does anyone know if banks in all Muslim countries also do not have interests on money deposits ? Maybe that is why foreign investments in these countries are not as popular as in, say China or Thailand.

 

[Pachipro]

Very interesting post as some talk show hosts here in the US were just mentioning the other day the same exact fact of new "Islam friendly" banks opening up in Michigan and other Islamic communities that are not charging interest also. This holds true for money lent out for the purchase of a car or a home. These banks are owned, and run by, Muslims. The talk show hosts were bitching about it being against the law and why is the government allowing this to happen? etc. etc.

Is this a "coincidence" (and I do not believe in coincidences) that similar stories should come out in both Europe and the US at the same time around the same dates? Hmmmm. I think I smell a conspiracy here. Only kidding. Have to do more reading on this first, but it is strange. Thanks for posting this.

 

[bossel]

Would be interesting to know if they also give out loans without interest. Would perhaps make me convert to Islam.

 

[Pachipro]

Would be interesting to know if they also give out loans without interest. Would perhaps make me convert to Islam.

This holds true for money lent out for the purchase of a car or a home. These banks are owned, and run by, Muslims. The talk show hosts were bitching about it being against the law and why is the government allowing this to happen? etc. etc.

I have not confirmed this though, but the talk-show host complaining about this on the radio last night was just about livid he was so angry.

 

[bossel]

As I have read just now, this is actually not new. In Germany there are banks which offer Islam-conform investments for at least 5 years now. Not very successful as it seems, though. Most German Turks prefer Turkish banks.

Regarding credits, I found that they don't give any, but eg. in case of a house, the bank buys the house & then sells it to the Muslim client via payment by installment.

Don't know how this works in the US or Belgium.

 

[CC1]

Hmmm? I'll open a bank near a large Islam community. Take in their money in "no interest" accounts...pocketing the interest that "wasn't earned" on thier accounts. It's perfect...and the IRS can't tax me on interest that was never there in the first place right?