{"id":11126,"date":"2013-12-11T14:07:18","date_gmt":"2013-12-11T14:07:18","guid":{"rendered":"http:\/\/tat.reddaisytrading.co.uk\/index.php\/2013\/12\/11\/sharia-compliant-savings\/"},"modified":"2013-12-11T14:07:18","modified_gmt":"2013-12-11T14:07:18","slug":"sharia-compliant-savings","status":"publish","type":"post","link":"https:\/\/www.theasiantoday.com\/index.php\/2013\/12\/11\/sharia-compliant-savings\/","title":{"rendered":"Sharia-compliant savings"},"content":{"rendered":"<div id=\"content\">\n<h3>When might a Sharia compliant account be for you?<\/h3>\n<div id=\"mas-article\">&#13;<\/p>\n<p><a class=\"publish2_link\" target=\"_blank\" href=\"https:\/\/www.moneyadviceservice.org.uk?utm_source=publish2&amp;utm_medium=referral&amp;utm_campaign=www.theasiantoday.com\"><img decoding=\"async\" border=\"0\" alt=\"Money Advice Service\" src=\"https:\/\/www.moneyadviceservice.org.uk\/assets\/logo_en.png\"\/><\/a><\/p>\n<p>&#13;<\/p>\n<p>Sharia-compliant accounts provide the same day-to-day banking services as mainstream current accounts. However, they don\u2019t give you a return on your money or offer overdraft facilities as the principle of paying or charging interest is against Islamic law. Any money invested will be kept separate from other bank accounts \u2013 it won\u2019t be used to generate interest or be invested in prohibited businesses. <\/p>\n<p>&#13;<\/p>\n<h2>When might a Sharia compliant account be for you? <\/h2>\n<p>&#13;<\/p>\n<p>A Sharia-compliant bank account is for you if: <\/p>\n<p>&#13;<\/p>\n<ul>\n<li>you want to bank according to Islamic law<\/li>\n<p>&#13;<\/p>\n<li>you want your savings to grow through Sharia-compliant profits, not through interest, or<\/li>\n<p>&#13;<\/p>\n<li>you don\u2019t want your bank to lend your money to businesses that provide goods or services \u2013 such as alcohol, tobacco and gambling \u2013 that are against Islamic principles<\/li>\n<p>&#13;\n<\/ul>\n<h2>How Sharia compliant savings work <\/h2>\n<p>&#13;<\/p>\n<p>With a Sharia-compliant savings account, instead of lending out your savings and charging interest then passing some of this on to you, the bank uses your money in a way that\u2019s consistent with Islamic beliefs. <\/p>\n<p>&#13;<\/p>\n<p>Your bank will follow the advice of a panel of Muslim bank advisers to make sure that profit-generating activities are Sharia-compliant. Some of the profit the bank earns from these activities is returned to you, allowing you to grow your savings without earning interest. <\/p>\n<p>&#13;<\/p>\n<h2>Where to get a Sharia compliant savings account <\/h2>\n<p>&#13;<\/p>\n<p>HSBC, Lloyds TSB and BLME offer Sharia-compliant accounts to customers in the UK. <\/p>\n<p>&#13;<\/p>\n<p><a class=\"publish2_link\" target=\"_blank\" href=\"http:\/\/www.hsbc.co.uk\/1\/2\/current-accounts\/amanah-shariah-bank-account?HBEU_dyn_lnk=CurrentAccount_FilterTool_Amanah_FindOutMore_ProductNameLinkButton&amp;utm_source=publish2&amp;utm_medium=referral&amp;utm_campaign=www.theasiantoday.com\">Read about HSBC&#8217;s Sharia-compliant current account on their website<\/a><\/p>\n<p>&#13;<\/p>\n<p><a class=\"publish2_link\" target=\"_blank\" href=\"http:\/\/www.lloydstsb.com\/current_accounts\/islamic_account.asp?utm_source=publish2&amp;utm_medium=referral&amp;utm_campaign=www.theasiantoday.com\">Find out about Lloyds TSB&#8217;s Sharia-compliant current account on their website<\/a><\/p>\n<p>&#13;<\/p>\n<p><a class=\"publish2_link\" target=\"_blank\" href=\"http:\/\/www.blme.com\/#\/page\/premier-deposit-account?utm_source=publish2&amp;utm_medium=referral&amp;utm_campaign=www.theasiantoday.com\">Get more details about BLME\u2019s Sharia-compliant deposit account on their website<\/a><\/p>\n<p>&#13;<\/p>\n<p>The Islamic Bank of Britain offers a more extensive range of Sharia-compliant accounts, including savings accounts. <\/p>\n<p>&#13;<\/p>\n<p><a class=\"publish2_link\" target=\"_blank\" href=\"http:\/\/www.islamic-bank.com\/?utm_source=publish2&amp;utm_medium=referral&amp;utm_campaign=www.theasiantoday.com\">Visit the Islamic Bank of Britain&#8217;s website to learn more about their savings options<\/a><\/p>\n<p>&#13;<\/p>\n<p>Help us keep this list up to date \u2013 if you provide Sharia-compliant savings products to retail UK customers, <a class=\"publish2_link\" target=\"_blank\" href=\"https:\/\/www.moneyadviceservice.org.uk\/en\/static\/contact-us?utm_source=publish2&amp;utm_medium=referral&amp;utm_campaign=www.theasiantoday.com\">please contact Money Advice Service<\/a><\/p>\n<p>&#13;<\/p>\n<h2>How secure are Sharia-compliant accounts? <\/h2>\n<p>&#13;<\/p>\n<p>HSBC, Lloyds TSB, BLME and the Islamic Bank of Britain are all regulated by the Financial Conduct Authority. If they were to fail, you could claim up to \u00a385,000 from the Financial Services Compensation Scheme for each bank with which you lost money. If you have several accounts with the same bank, your total limit for that bank is still \u00a385,000. <\/p>\n<p>&#13;<\/p>\n<p>Find more on our page <a class=\"publish2_link\" target=\"_blank\" href=\"https:\/\/www.moneyadviceservice.org.uk\/en\/articles\/compensation-if-your-bank-or-building-society-goes-bust?utm_source=publish2&amp;utm_medium=referral&amp;utm_campaign=www.theasiantoday.com\">Compensation if your bank or building society goes bust<\/a><\/p>\n<p>&#13;<\/p>\n<h2>If things go wrong <\/h2>\n<p>&#13;<\/p>\n<p>If you\u2019re unhappy with the service you get from your bank or you want to make a complaint, read <a class=\"publish2_link\" target=\"_blank\" href=\"https:\/\/www.moneyadviceservice.org.uk\/en\/articles\/sort-out-a-money-problem-make-a-complaint-or-get-compensation?utm_source=publish2&amp;utm_medium=referral&amp;utm_campaign=www.theasiantoday.com\">Sort out a money problem or\u00a0make a complaint<\/a><\/p>\n<p>&#13;<\/p>\n<p>This article is provided by the <a class=\"publish2_link\" target=\"_blank\" href=\"https:\/\/www.moneyadviceservice.org.uk\/?utm_source=publish2&amp;utm_medium=referral&amp;utm_campaign=www.theasiantoday.com\">Money Advice Service<\/a>.<\/p>\n<p>&#13;<br \/>\n<img loading=\"lazy\" decoding=\"async\" id=\"publish2_tracking\" width=\"1\" height=\"1\" alt=\"\" src=\"http:\/\/www.publish2.com\/static\/tracking?distributor_id=4668&amp;account_type=google_analytics&amp;account_id=UA-4205932-1&amp;format=rss&amp;partner_name=The_Asian_Today&amp;story_id=5788321&amp;delivery=webfeed&amp;story_title=Sharia-compliant%2Bsavings&amp;partner_feed_id=1953&amp;distributor_feed_id=1128&amp;content_type=story&amp;usage=web_full&amp;path=%2Fen%2Farticles%2Fsharia-compliant-savings%3Fpublish2_story_id%3D5788321%26publish2_byline%3DNone%26publish2_categories%3DInvesting%2Bcash-savings-options%2BManaging+Your+Money%2Bcustomview_1319%2Bcustomview_1320%2Bcustomview_1330%2Bcustomview_1395%2Bcustomview_1953%26publish2_partner_name%3DThe_Asian_Today%26publish2_partner_id%3D4951&amp;export_id=&amp;partner_id=4951&amp;nativead_feed_id=0\"\/><\/p>\n<p>&#13;\n<link rel=\"canonical\" href=\"https:\/\/www.moneyadviceservice.org.uk\/en\/articles\/sharia-compliant-savings\"\/><\/p>\n<p>&#13;\n<\/p><\/div>\n<p>&#13;\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>When might a Sharia compliant account be for you? &#13; &#13; Sharia-compliant accounts provide the same day-to-day banking services as mainstream current accounts. However, they don\u2019t give you a return on your money or offer overdraft facilities as the principle of paying or charging interest is against Islamic law. Any money invested will be kept [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11753,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[75],"tags":[],"class_list":["post-11126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money"],"_links":{"self":[{"href":"https:\/\/www.theasiantoday.com\/index.php\/wp-json\/wp\/v2\/posts\/11126","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.theasiantoday.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.theasiantoday.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.theasiantoday.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.theasiantoday.com\/index.php\/wp-json\/wp\/v2\/comments?post=11126"}],"version-history":[{"count":0,"href":"https:\/\/www.theasiantoday.com\/index.php\/wp-json\/wp\/v2\/posts\/11126\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.theasiantoday.com\/index.php\/wp-json\/wp\/v2\/media\/11753"}],"wp:attachment":[{"href":"https:\/\/www.theasiantoday.com\/index.php\/wp-json\/wp\/v2\/media?parent=11126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.theasiantoday.com\/index.php\/wp-json\/wp\/v2\/categories?post=11126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.theasiantoday.com\/index.php\/wp-json\/wp\/v2\/tags?post=11126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}