HSBC Amanah Current Account

[yas245]

:salam:

What is the difference in HSBC's Amanah Current account and a Conventional Natwest Current account that doesent incur any interest ???

[Colonel_Hardstone]

:salam:

What is the difference in HSBC's Amanah Current account and a Conventional Natwest Current account that doesent incur any interest ???

:ws:

Money from your conventional NATWEST Account can be invested into anything (Halal or Haram), bank then keeps the profit and doesn’t give you. In other accounts you can choose to turn down the Interest (earned) but that doesn’t take the fact away that the primary investment can be in Haram. Money from AMANAH Account CANNOT be invested into anything Haram (as deemed by the scholars of Shariah Panel).

[yas245]

:jazak: Brother

[dawud.beale]

What about Islamic Bank of Britain?

http://www.islamic-bank.com/islamicbanklive/GuestHome/1/Home/1/Home.jsp

even if you money is invested in a halal way, your money still makes money for HSBC which is a haram organisation as it deals with interest. Islamic Bank of Britain means your money supports muslims rather than kuffar. Also you can earn "profit" on your savings in Islamic of Britain because they have made it for teh intention of muslims (HSBC and others were worried so rushed out an interest free account which is basically a con).

Does anyone have issue with earning propfit with islamic Bank of Brtain? I have never heard anything but Allahu alim.

[Colonel_Hardstone]

What about Islamic Bank of Britain?

http://www.islamic-bank.com/islamicbanklive/GuestHome/1/Home/1/Home.jsp

even if you money is invested in a halal way, your money still makes money for HSBC which is a haram organisation as it deals with interest. Islamic Bank of Britain means your money supports muslims rather than kuffar. Also you can earn "profit" on your savings in Islamic of Britain because they have made it for teh intention of muslims (HSBC and others were worried so rushed out an interest free account which is basically a con).

Does anyone have issue with earning propfit with islamic Bank of Brtain? I have never heard anything but Allahu alim.

W-Salam,

1) HSBC Amanah program (in general) pre-dates Islamic Bank of Britain so they couldn't have rushed out

2) Islamic Bank of Britain gives profit while HSBC Amanah Account doesn't

3) Islamic Bank of Britain deals primarily in commodities while HSBC Amanah doesn't and has no plans to.

So the two Accounts are different.

[yas245]

Is this the same with Lloyds TSB's Islamic account ??

[Colonel_Hardstone]

Is this the same with Lloyds TSB's Islamic account ??

Yes the accounts are the same and Islamic Bank of Britain are now using Lloyds TSB Islamic Mortgage and selling their product.

[dawud.beale]

Cud you provide evidences for when the Amanah came out and the IBB came out please rather than stating things as dead facts with no shred of proofs.

If teh shariah says that youare not allowed to deal in commoditiees then Im not aware of this and earning profit is also ok so you are sayng Islamic Bank of Britain is good then brother?

Basically if you invest your money in HSBC whether its a "halal" bank or not your money is still invested in a haram corporation because they deal in interest and not to mention you earn no profit on your cash so your money is stagnant. The Islamic Bank of Britain is the only choice for muslims in my oppinion. If anyone thinks differently feel free to shed some light on this inshallah.

Get ur mortgage wit IBB inshallah. Close ur accounts wit the kuffar and open one wit the mu'mineen inshallah. If its too much hastle then you need to reevaluate your iman and wonder why you convince yourselves into taking the easy route even if it may not be pleasing to Allah.

And Allah Subhanu wa t'ala knows best and may he guide us all to the truth. Amiin

[Colonel_Hardstone]

Cud you provide evidences for when the Amanah came out and the IBB came out please rather than stating things as dead facts with no shred of proofs.

If teh shariah says that youare not allowed to deal in commoditiees then Im not aware of this and earning profit is also ok so you are sayng Islamic Bank of Britain is good then brother?

Basically if you invest your money in HSBC whether its a "halal" bank or not your money is still invested in a haram corporation because they deal in interest and not to mention you earn no profit on your cash so your money is stagnant. The Islamic Bank of Britain is the only choice for muslims in my oppinion. If anyone thinks differently feel free to shed some light on this inshallah.

Get ur mortgage wit IBB inshallah. Close ur accounts wit the kuffar and open one wit the mu'mineen inshallah. If its too much hastle then you need to reevaluate your iman and wonder why you convince yourselves into taking the easy route even if it may not be pleasing to Allah.

And Allah Subhanu wa t'ala knows best and may he guide us all to the truth. Amiin

Asslamo Allaikum Brother,

1) HSBC Islamic Finance was established around 1998

http://www.hsbcamanah.com/1/2/ALL_SITE_PAGES/amanah-global/about-hsbc-amanah

…HSBC Amanah is the global Islamic financial services division of the HSBC Group. Established in 1998, with more than 300 professionals serving the Middle East, Asia-Pacific, Europe and the Americas, HSBC Amanah represents the largest Islamic financial services team of any international bank….

2) Islamic Bank of Britain was APPROVED BY FSA around 2004

http://www.islamic-bank.com/islamicbanklive/PressRelease1/1/Home/1/Home.jsp

…By November this year, the bank will operate nationally via telephone and postal banking and will also offer Sharia’a compliant current accounts with debit cards and consumer financing agreements. Subject to regulatory approval, the bank plans to introduce a mortgage product by the end of the year and an internet banking service in the early part of 2005…

3) The “Home Purchase Plan (Islamic Mortgage) from Islamic Bank of Britain was launched in April 2009

http://www.financemarkets.co.uk/2009/04/02/islamic-bank-launches-new-house-purchase-plan/

4) The “Home Purchase Plan (Islamic Mortgage) from Islamic Bank of Britain is actually from LLOYD S TSB and here are their details for you to contact and find out.

http://www.islamic-bank.com/islamicbanklive/HomeFinance/1/Home/1/Home.jsp

http://www.islamic-bank.com/islamicbanklive/Contact%20Us/2/External%20Link/1/External%20Link.jsp;jsessionid=C7D052D57CD9FD999AF 8D95FCD6F92D6

[dawud.beale]

ok brother maybe your right but I still dont want my money propping up the UK economy so I choose to keep my money in ISlamic Bank of Britain which is the best in my oppinion because its suporting muslims and may even act as dawah to kuffar. Allahu alim

[jinnzaman]

As-salamu alaikum,

Awesome thread. Does anyone know of anything like this in the US?

Jazakallah khair.

wassalam

[Colonel_Hardstone]

ok brother maybe your right but I still dont want my money propping up the UK economy so I choose to keep my money in ISlamic Bank of Britain which is the best in my oppinion because its suporting muslims and may even act as dawah to kuffar. Allahu alim

Asslamo Allaikum,

I had a long discussion with HSBC Management (at a meeting) and discussed the issue of IBB (Islamic Bank of Britain) and was told that HSBC are unable to offer a profit-account is because they are NOT AS NIMBLE as IBB and not very good at Commodity trading.

So I told HSBC that their Middle-East and Far-East offices already deal in commodities, I know because I had an account in HSBC Saudia, to which I was told that IBB do commodity dealing is in the UK (not the Middle-East or Far-East).

There is more to this thread and Islamic banking and why there is NO SUCH THING as Islamic banking but I wont bore you guys with details.

The bottom line is that Ulama have given Fatwa so use it.

But I see your point with this…

[syed bin muhammed]

salaam

sori gyz mayb off topic but i bank with halifax, have a intrest free current acct. but have tryed to open a ibb acct , even time i get declined, even my wife got declined ? so i give up on them...tryed writhing letters etc without any joy..

is it better to have a normal current acct without intrest or going for either Amanah or ibb

[dawud.beale]

there are fatwa's regarding IBB?

syed bin muhammed brother its not just about interest your money cannot be invested in anything haraam and most certainly unless it is an islamic account they will invest it in anything from alcohol, to interest based accounts, to weapons for invading muslim lands, to providing israel with economic support so I suggest finding an islamic account. I have an amanah account and they are good definitely but Id suggest Islamic Bank of Britain because of the reason mentioned but Amanah is preferable over other kufr banks in my oppinion.

ive yet to see of anything haram with regards to IBB but I am always looking for teh truth and always open to chnaging my mind on things and not being stubborn so if anyone can provide evidence that they do not operate in a halal manner and that amanah is better then I shal sticj with amanah but if not Im transferring my assets to IBB which Im in the process of doing inshallah. I dont wnat my money propping up the UK economy because the economy is the source of their wars and oppression hence why I say ALHAMDULILLAH TO THE ECONOMIC CRISIS AND MAY ALLAH SHOW THESE PEOPLE THAT HALAL IS THE ONLY WAY TO AVOID SUCH PROBLEMS

[Nirvana]

There may be more to IBB than the brochures and newspaper articles are telling you. If you do a little digging into them, you will find that they used to have Mufti Taqi Usmani on their Board of Sharia advisors before they launched. Mufti sahab is a very respected and much trusted scholar who has a lifetime of experience and is known in India, Pakistan, Bangladesh, Arabia and West as a scholar of high standing and strict morals.

So it's really interesting to see that NONE of IBB's products were approved by him. If you don't believe me then go and ask IBB for the Sharia Approval Certificates for all their accounts, loans and mortgages. You can find these easily on their website:

Click here to see certificates (http://www.islamic-bank.com/islamicbanklive/CertCompEnd/2/Home/1/Home.jsp;jsessionid=B43E5A25EABC8719D08E52C77B6173 D8)

It turns out that this well-known and very respected, very moral and very experienced scholar left the IBB Sharia Board within weeks of the company launching. He has not publicly told people why he left. The IBB just tells people "he retired", but that is an obvious lie because Mufti sahab carried on working with other Islamic banks after this. So why did he leave the IBB and why did he not approve any of the products that they launched?

There is a real feeling in the Islamic banking worlds that Mufti sahab left because he did not agree with the IBB and did not think that they were truly being halal. He has said nothing about this matter. But we know that IBB are lying about this matter.

Make of this what you will and let us all fear Allah (SWT) and Allahu Alim.

[dawud.beale]

no offence but thats a bit of a sufi sounding arguement. very spiritual and deep but unfortunately shows no valid reason not to bank with IBB. can anyone give a specific example of something they do that is not halal? If I feel they are not sharia compliant then inshallah I will stick to my amanah account but if not then I see no reason why I shoudln't make profit on my money rather than it sitting in a bank account. Of course I wont earn interest but if they are correct and profit is different then I see no reason why I shouldn't especially as Im supporting muslims and not propping up UK economy with my money and also anyone who walks into islamic bamk of britain they may find islam inshallah.

We cant specualte brother and maybe he did retire, allahu alim. If they were doing something wrong it would have been his duty to speak out against them so we could all avoid this

[Nirvana]

Brother i'm not sure what you mean by "sufi argument" so can't comment on that part of your post. Although, I'm not even sure if I was making an argument. Just an observation.

One thing i will say is that Mufti Taqi Usmani has been increasingly critical of the attitude and "halal-ness" of many Islamic finance contract types. However, he has fallen short of criticising individuals or companies.

It's worth remembering that this guy is the Chairman of the AAOIFI (http://www.aaoifi.com) - the world's leading authority on Islamic banking and insurance.

When the IBB opened their first branch they also launched their Savings account with "profits". Mufti sahab was still there at the time, but his signature is not on the certificate of approval. At the time he was actually Chairman of the IBB Sharia Board - that's how respected he is. BUT he didn't sign the peice of paper that approved the Savings account as halal. The other two scholars signed it, but not Mufti sahab.

Doesn't that seem a little fishy? The Chairman of the IBBs Sharia Board did not sign the approval certificate for their Savings account? Why did he not sign it? He has not "retired" at that point, as he was still their Sharia Chairman. I would say tread carefully. My spidey-sense tells me something is wrong here. and Allahu Alim.

[dawud.beale]

I understand your point but I will not base my decision based on this because it doesn't constitute as proof in anyway. If you could provide me with an actual example of something they do that is not halal then this is a different story but the thing youare stating involves a lot of speculating and not much hard evidence. Even if he didn't sign it hes only human and can make mistakes and I wish to make my own informed decision based on their policies and how halal they are. If people dont like me finding out the "halalness" of something its their problem because thats what a muslim does

[Skibba]

Salam

[Skibba]

The IBB savings account does not seem to follow the wakala principles they claim to follow. Does anyone else here share the same view?