Posted on 12/18/2006 8:23:40 AM PST by Biscuit85
Emma Dellaway, 25, from south London, likes to know that the money sitting in her current account is not doing harm. "I don't have much money, as I am just starting out on my career, but what I do have should not be used unethically," she says.
"I hate to think of arms going to some African country funded, however indirectly, from my account."
Ms Dellaway took an unusual step to follow through her ethical beliefs.
She opened an Islamic current account.
Global phenomenon
Ms Dellaway is not alone in equating Islamic finance with ethical living.
"Branches are reporting interest from all communities," says Paul Sherrin, head of Islamic Finance at Lloyds TSB, which allong with HSBC and Islamic Bank of Britain offers Sharia compliant accounts.
"There is an international precedent for this. In Malaysia up to 25% of Islamic accounts are opened by non-Muslims.
"This is happening on a smaller scale over here, a number of non-Muslims are keen that the account doesn't get involved in interest or anything they perceive as unethical."
Ethical elements
Islamic accounts comply with Sharia law.
Under Sharia Islamic law, making money from money, such as charging interest, is usury and therefore not permitted.
Wealth should be generated only through legitimate trade and investment in assets.
But what really appeals to Ms Dellaway are the other aspects of Islamic banking.
"I have a guarantee that my money will not be used to invest in arms or tobacco," she says.
Sharia law also forbids investment in alcohol, gambling and pornography.
Islamic interest
Ms Dellaway has always been interested in the Middle East. She has spent time in Libya, studied politics at university and has friends from all faiths.
The reaction amongst Ms Dellaway's friends and family to her decision seems to bear this out.
"They have been really interested in what I have done. They ask lots of questions and can see how closely ethical finance and the Islamic financial models fit together," Ms Dellaway says.
"When I went into my branch and told them I was keen on opening an Islamic current account, the staff member was unsurprised.
"I thought that perhaps I would be looked at as a bit of a lunatic but not a bit of it."
The fact that Islamic bank accounts do not pay interest is not a problem to Ms Dellaway.
"I see giving up interest the same as recycling, visiting a farmers market or using the Red American Express card.
"Perhaps, though, if I had lots of money I would look at it differently and want interest."
Oh yes... I'm certain that this money is not being used for anything like weapons...
They have surrendered. The UK surrendered to Brussels long ago. The EU is not a friend of the US.
So, this Ms. approves of honor killings?
Since Islamic banks exist and make profit it shows that there are various possible models of banking.
How did the Caravan Robber Profit Mohammed make his fortune?
The good old fashioned way, stealing from others.
I notice that not once does the author use the word "moral" when describing these accounts. Only "ethical". Interesting.
Money buried in coffee cans in the back yard doesn't earn interest either and you know that it isn't being used for any of the things you hate.
Plus, it's closer than the bank.
Killing them in the process was just a way for good ol' Mo'hammy to let off steam...
well said
It's as if the hounds of insanity have been loosed on the earth...
She's a starry-eyed college graduate... it's not like she knows anything about the real world.
Wait til she is in an elevator alone with one of these "ethical" Muslim males.
Under Sharia Islamic law, making money from money, such as charging interest, is usury and therefore not permitted. ... "I have a guarantee that my money will not be used to invest in arms or tobacco," she says.
I wouldn't count on that Ms. Dellaway. Sharia law tops everything else. If money is needed to fight infidels in some African country (think Darfur) do you really think that it won't come from Muslim bank accounts, not withstanding their "ethical" claims?
Interesting. Either you put your money to productive use, which helps expand the economy and produces jobs for others, or you put your money to traditional use, which as Alouette points out means looting your neighbors.
That was one of the great discoveries of the West, as it grew out of its Roman, Greek, and Jewish roots into Christian Europe: that you can make money by trade and production, and not just by stealing it from someone else.
The Muslims never learned that lesson. They became rich by conquering others and stealing their wealth. They remained rich by taxing their dhimmis. Even today, as billions of dollars pour in for their oil, they seem unable to put the money to productive use.
Not completely unable. There have been centers of wealth and civilization such as Lebanon used to be, but that seems to depend on Christians. Once the Muslims gain the upper hand and impose sharia law, then it's back to economies based on conquest, rapine, and exploitation, all in the name of Mohammed.
Nice to think that lefties in Europe are supporting this sort of behavior.
Yeah, but it supports the coffee industry in their efforts to disenfranchise Juan Valdez and his donkey, so you can't have that...
And none of that trying remember your account number!
Ping!
"Under Sharia Islamic law, making money from money, such as charging interest, is usury and therefore not permitted. "
Well that's just stupid.
I wonder, can one borrow money for this bank
at no interest?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.