Interest
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I personally think that it is OK. I have read the post of Pazazu in the thread "Hypocrisy of Islamic Banks". I recommend that thread. Based on the info in that thread and based on what's in the Quran (mos importantly, of course) what do you think?
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Peace
I think they should only have an admin charge. And a sensible one too!
I was once charged ?38 because I was ?4 overdrawn! I called them up and told them the money will be in 9am the next morning and that they can hold the charge and the lady said she can't (BS) and that they can charge me even if I were 50 pence overdrawn! To me this is theft. ?38 admin fee? All they did was lend me ?4 and send me an A5 piece of paper telling me they will charge me at the end of the next month! Thankfully, it turned out H&M accidentally double charged me at the store causing my account to be overdrawn so they reimbursed me for that D
Then again, banks use OUR money for investments and make lots of money out of OUR money so there is no need to give or take interest.
Any other ideas folks?
God bless
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Peace
What is the current official interest rate in UK , 1.5% ? If that is the case , the commercial banks would charge their customers at least 2% above the official rate for a home loan and higher rates for business or investment loans . That could hardly be called "Usury" or Riba . What is usurious is the interest rates on credit cards some as high as 21% , that is Haraam in my book .
almarh0m
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Peace
What is the current official interest rate in UK , 1.5% ? If that is the case , the commercial banks would charge their customers at least 2% above the official rate for a home loan and higher rates for business or investment loans . That could hardly be called "Usury" or Riba . What is usurious is the interest rates on credit cards some as high as 21% , that is Haraam in my book .
almarh0m
Peace
How about bank charges? That is theft!
God bless
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Peace
How about bank charges? That is theft!
God bless
Bank fees and charges are exhorbitant , but since the government allows the banks to do what they like , those charges are 'legal' so we cannot call them theft although it is little difference from day-light robbery and common theft . So , your only recourse is to call your local MP's office and complain about it and hopefully the government will legislate to restrain banks from raising charges .
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Bank fees and charges are exhorbitant , but since the government allows the banks to do what they like , those charges are 'legal' so we cannot call them theft although it is little difference from day-light robbery and common theft . So , your only recourse is to call your local MP's office and complain about it and hopefully the government will legislate to restrain banks from raising charges .
Peace
Apparantly, the charges are in the T&C's so you have to pay them. But a lot of people are claiming them back somehow.
The court case regarding these fees is taking a long time! Here is an update http//www.firstdirect.com/1st-account/overdraft-charges.shtmlGod bless