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Bank Accounts
> Islamic Bank Account - UK Guide
In a nutshell
A bank account that is designed for use by Muslims.
Best Bank Account For
Muslims that are concerned that their bank account adheres to Islamic principles and conforms to the laws of Islam.
Special features
An Islamic bank account will offer many of the regular features of a standard current account but should also include some extra benefits for the Islamic community. The actual accounts available for an Islamic bank account may be managed by traditional high-street banks, but they will manage your money differently from that of their other customers. Alternatively, you may be able to open an account with an overseas bank from an Islamic country. In either case, the whole point with an Islamic bank account is to meet the principles of Islam as much as possible in the way that your money is managed. For example, you will probably find that your Islamic bank account is managed in accordance with Islamic Law. So, your money won't go towards earning/paying interest in the usual way and funds will not be mixed with other money coming into the bank. It is also likely that any investment undertaken will be ethically and socially in keeping with Islamic law and its principles. If you are a Muslim then an Islamic bank account will give you the financial freedom you need in today's society combined with the security that is given by the fact that the account is designed on Islamic principles.
What to look out for
The majority of Islamic bank accounts will offer a relatively full range of standard banking services which will all go towards making it easier to manage your money on a day to day basis. And, you should also be able to access other banking products such as mortgages that are also approved by the Islamic community if you so wish. In addition, you should also be looking for a commitment to investment from the bank as a whole that is in line with Islamic law. So, for example, you shouldn't be paid interest (or charged it) in the way that you would with a standard UK bank account. Please be aware that some bank accounts claim that they offer Islamic options but they do not actually strictly adhere to given standards - so it's important to check any account out before you open it. You'll also need to look out for special terms and conditions that may be attached to the account such as minimum balances etc.
Alternatives
If you wish to extend your Islamic beliefs into your bank account management then this is the best option for you.
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