Sharia Law? Poll

[baboyako]

Sharia financial deals are already protected in the UK, so we already have some recognition of sharia law.

thats tosh. there were no laws passed in the UK to enable sharia finance.

what has actually happened, is when you deposit money in a islamic bank - they will ask you if you are 'depositing' the full amount (i.e. protected by the 90%/30K rule), or if you are depositing a lower amount and risking the rest.

This means you are earning the same interest as a high street bank - but you do not have the same protection as a high street bank. now the trouble is - what will happen when an islamic bank goes t1ts up and all the customers only get half of there deposits rather than the 90% which is protected by the bank of england?? I think we know now (after the northern rock fiasco) that the government will step in and replay the deposits which is totally unacceptable to the rest of us.

[IanB]

thats tosh. there were no laws passed in the UK to enable sharia finance.

what has actually happened, is when you deposit money in a islamic bank - they will ask you if you are 'depositing' the full amount (i.e. protected by the 90%/30K rule), or if you are depositing a lower amount and risking the rest.

This means you are earning the same interest as a high street bank - but you do not have the same protection as a high street bank. now the trouble is - what will happen when an islamic bank goes t1ts up and all the customers only get half of there deposits rather than the 90% which is protected by the bank of england?? I think we know now (after the northern rock fiasco) that the government will step in and replay the deposits which is totally unacceptable to the rest of us.

Thanks for that clarification.

Ian