It is highly concerning that Lloyds Bank has bowed to Islamic pressure to introduce sharia-compliant Islamic accounts which allow Muslim customers to escape overdraft charges, and create a two-tier system.
Customers received a booklet this month explaining that while many could face charges of up to £80 a month, Muslim customers would be exempt from the fees.
The document explained: “We are removing the monthly overdraft management fee of £6 from our Islamic Account, Islamic Student Account and Islamic Graduate Account. So, if you use an unplanned overdraft on these accounts, there won’t be any charges.”
On its website Lloyds says: “Following the guidance of Islam is an important part of everyday life, so we've made it an important part of everyday banking. Our Sharia committee of two independent scholars has guided us to create an account that’s right for you.”
Read more (Telegraph) >
Meanwhile the giant fast food company, Subway, is attempting to win favour with its Muslim customers by banning traditional ham and bacon at 200 of its outlets, offering turkey rashers and preparing all meat according to halal rules. Read more (Daily Mail) >