Big banks go cold on Islamic products
Quick, somebody inform Australia’s Assistant Treasurer Senator Nick Sherry who was totally befuddled with it until a few weeks ago, Â as we reported here: Suckers for Sharia Finance and here:Â Sharia Finance A Huge Flop in Britain:
““… misinformed  members of our community are  putting forward negative views about Islamic finance. These have been small in number but they have come in and they are of concern…” Senator Nick Sherry
Apologies are in order, senator!
Big banks go cold on Islamic products As Lloyds cancels its flagship Sharia mortgage, what happened to the big ambitions to woo the Muslim community?
By Julian Knight/The Independent
Where did it all go wrong? It was supposed to be the new frontier for the giant high-street banks, attracting Britain’s two-million-plus Muslims.
Many members of this prosperous minority had felt excluded from the British banking system and its zero-sum game of maximising profit and charging interest – a practice forbidden under Islamic law, or Sharia. As a result, charities have long estimated that the proportion of Muslims who were unbanked – who didn’t have a standard current account – was higher than in the overall population.
Led by Lloyds and HSBC, from around 2002 onwards, UK banks started actively to court British Muslims, offering a range of products, from current accounts to mortgages, which complied with Sharia. HSBC even has its own Sharia-compliant wealth-management company.
Other News:
Elena Kagan “Vile Filth”, is a Large Foot in the Door for Sharia Finance
Gates of Vienna
If Kagan tolerates promoting the injustice of Shariah law on the campus of Harvard, what kind of injustice will she tolerate in America during a lifetime on the Supreme Court? Read further…
Conservatives  continue to oppose traif Kagan: Obama nominates judges who  decide cases on the basis of emotions and personal politics rather than fidelity to the original meaning of the Constitution…















