Free Republic

Banking regulators say they have given permission for the first British-based Islamic bank to start operating. The Islamic Bank of Britain will for the first time give the country's two million Muslims access to banking in accordance with Islam. The bank's headquarters will be in Birmingham, home of one of Britain's biggest Muslim communities. The bank will forbid the paying or charging of interest, which is considered usury and banned under Islam. It has promised not to invest in companies associated with tobacco, alcohol or pornography. British banks have recently started offering products tailored for Muslims but they are all...