Sharia student account

[Erik The VIking]

This is the bog standard (minimum) student offer anyway. If you push them/plead poverty/are doing a good degree like medicine the banks will often give you much more, all of it intrest free.

The cost of the overdraft to the bank is irrelevant if it wins them a lifetime customer.

Though I supose if the student blows themselves upon graduation the upside might not be so great.....

If they can blow themselves they have a promising career in the adult film industry to look forward too

Although as a celebration of graduation it is definately original.

[AtW]

nice one!

In other news - Cherie Blair converted to Islam to open a Sharia bank account with £3 mln interest free overdraft facility!

[pickle]

If they can blow themselves they have a promising career in the adult film industry to look forward too

Damn, you got in before my edit.

[Fleetwood]

The "12 archetypes" are, IIRC, a Freudian concept, but I could be wrong.

[gingerjedi]

So if Islamic mortgages don’t charge interest (just a fee which equates to interest) I take it Muslims are happy that their savings dwindle with inflation or is receiving interest ok? ...Bloody hypocrites.

[Fleetwood]

It's all a question of phrasing. Sharia doesn't allow you to charge interest, but it does allow you to make a profit.
Example : You want to buy a flat for 150K. You or I would go to the bank and get a mortgage, but the bank would charge us the dreaded word "interest".
In a Sharia transaction, the bank buys the flat for 150K, and immediately sells it to the Mussie punter for 200K, making 50K profit, which it's allowed to do, and your Mussie punter spends the next twenty years paying the bank back. The word "interest" appears nowhere. Sorted.

As for receiving interest, again they are not receiving "interest". They are letting the bank look after their money for them, and the bank generously agrees to share some of the money it makes with them. Don't laugh : this is how it works.

[AtW]

I'd like to get Sharia compatible credit card with very high spending limit.

[Fleetwood]

You'd be charged a "usage fee" each time you bought something.

[Pondlife]

I'd like to get Sharia compatible credit card with very high spending limit.

Probably available but it would work the same way - Credit card company buys the product and sells it on to you with a 15% markup.

[Fleetwood]

Another inventive way to avoid the "interest" issue....