Article 1
Headline: The best savings account you've never heard of
Section: Yahoo Finance
Written by: John Fitrzsimmons
Link: Click here
Outline: This online piece on Yahoo Finance talks about a savings product from the Islamic Bank of Britain, which is described as "...one of the best accounts around..."
One of the key things about the article is that it immediately dispels the myth that the acocunt is only available to Muslims by stating "...don't despair if you aren't a muslim - these accounts are available to everybody..."
This is important because there is a lot of ignorance about Islamic Finance amongst non Muslims and the name often mistakenly creates the impression that the accounts are only designed for Muslims.
The article then goes onto describe the workings of the account, namely that the return won't be paid as interest but profit in order for the account to be Shariah compliant. This is another useful part of the article as it provides wider readers with a basic understanding of how Shariah compliant finance works. It also point out that the funds will be used by the Islamic Bank of Britain to invest in "...ethical trading activities...the money won't be put into gambling or tobacco..."
This last statement also serves as a useful bit of positive PR for Shariah compliant finance as ethical friendly products and services tend to be preferred by consumers in this day and age.
The article then seeks to re-assure readers about the safety of the funds invested in the Bank by informing them that "...while the fact that it is a member of the Financial Services Compensation Scheme should also provide a bit more reassurance..."
The following paragraph sums up the verdict on the savings account from the Islamic Bank of Britain
"...if you are hell bent on getting a great return on your money then it's a cracking option. Islamic finance options may be out of the mainstream, but they certainly merit serious consideration..."
The final part of the article is used to plug another product by the Islamic Bank of Britain, their mortgage, which is compared to others in the market and described favourably.
Overall this article fulfills one important task, which is to show a different side of Sharia law. Unfortunately most non-Muslim peoples' view of Sharia law is coloured by the incorrect interpretations presented to them by people who are outright Islamophobic i.e. Melanie Phillips, or Douglas Murray.
This article helps to show the positive side of Sharia law and how in this case it can help people financially irrespective of their faith.
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One of the key things about the article is that it immediately dispels the myth that the acocunt is only available to Muslims by stating "...don't despair if you aren't a muslim - these accounts are available to everybody..."
This is important because there is a lot of ignorance about Islamic Finance amongst non Muslims and the name often mistakenly creates the impression that the accounts are only designed for Muslims.
The article then goes onto describe the workings of the account, namely that the return won't be paid as interest but profit in order for the account to be Shariah compliant. This is another useful part of the article as it provides wider readers with a basic understanding of how Shariah compliant finance works. It also point out that the funds will be used by the Islamic Bank of Britain to invest in "...ethical trading activities...the money won't be put into gambling or tobacco..."
This last statement also serves as a useful bit of positive PR for Shariah compliant finance as ethical friendly products and services tend to be preferred by consumers in this day and age.
The article then seeks to re-assure readers about the safety of the funds invested in the Bank by informing them that "...while the fact that it is a member of the Financial Services Compensation Scheme should also provide a bit more reassurance..."
The following paragraph sums up the verdict on the savings account from the Islamic Bank of Britain
"...if you are hell bent on getting a great return on your money then it's a cracking option. Islamic finance options may be out of the mainstream, but they certainly merit serious consideration..."
The final part of the article is used to plug another product by the Islamic Bank of Britain, their mortgage, which is compared to others in the market and described favourably.
Overall this article fulfills one important task, which is to show a different side of Sharia law. Unfortunately most non-Muslim peoples' view of Sharia law is coloured by the incorrect interpretations presented to them by people who are outright Islamophobic i.e. Melanie Phillips, or Douglas Murray.
This article helps to show the positive side of Sharia law and how in this case it can help people financially irrespective of their faith.
Share on facebook
Article Verdict: Positive
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