Hey all 
if we (really) want to discuss historical Portugal (or Jewish / Christian attitudes to finance), could I suggest you create a new thread? This one’s getting dangerously off topic! 
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You just glossed over the part where in Portugal Jews weren’t allowed to own land and were completely banned from existence for more than 200 years, being forced into Christianity and to change their names to appease the pope. Despite that, everyone knew most of them were secretly Jews so a statute of “new Christians” was enshrined into law, allowing said new Christians to lend money at interest and forbidding them from owning property. Said statute and laws distinguishing new Christians from everyone else were only revoked in 1773.
Afraid were going a bit too much off topic, though your history on this really isn’t the most accurate to say the least
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Here we go again.
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Care to elaborate? On a topic on Islamic baking principles I pointed out how such principles are common to more religions, giving examples.
I notice how when other people similarly do point out where they’re coming from for their reasoning or the examples they give you don’t feel the need to dismiss their argument based on that, as that’s what you’re doing here
You do seem to make a habit of popping into topics where I comment to slap that ad hominem while contributing nothing to what’s being discussed
Perhaps we could just stick to the original topic?
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Islamic Banking is something that I have mixed feelings about.
Whilst I fully support that investments made should be ethical and in good taste. It doesn’t really seem to take into account that people’s needs and financial situations may change.
In standard banking protocols, if I call up and say look I can’t afford it and default on payments. In al likelihood interest would cease to be charged and recovery efforts would start. Also, if I suddenly came into a lot of money and decided to make a payment the amount I would pay would be less generally.
I have the view that one of the main reasons religions exist is to generate money for the organisations that run them - albeit controversial. I wonder if in the origins of Islamic banking it was the religious organisations that offered loans under their own principles.
I have an Al Rayan Islamic savings account. The profit (akin to interest) I earn on it is greater than most conventional savings accounts at 1.65% (with instant withdrawals).
I wish Monzo could add support for an Islamic savings pot.
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Two ways to do this relatively easily, although how Islamic it will always be up for debate.
A (saving) pot like any other pot. Just don’t receive interest on it. But I suppose that deprives you of the profit you’re looking for.
The alternative would probably dovetail into Monzo’s mid/long term plan anyway which is to be a platform to access investments, probably partnering with existing Fintech firms that provide investments like FreeTrade. It would be open to all and hopefully include ready made shariah compliant funds.
There’s also Wahed & Yielders which are more catered for the shariah compliant investment seekers
But that’s an investment that carries risk and not the same as a protected savings account/pot.
Al Rayan have a separate investment arm that will pool and invest your money in commodities etc that enables them to offer a retail product that is protected. Not something Monzo can do easily.
So I’ve just come across a Fintech app by the name of Rizq.
For those not familiar with Islamic/Arabic terminology then the word is loosely translated as something that is destined for you.not quite the same as fate, but a bit more specific, usually in context of earning.
Anyway, the app appears to be going the same growth strategy as Monzo. I’ve not registered, yet, but it appears it feature rich on the app. It’s not FCA authorised or part of FSCS. It’s in the process of becoming an agent of Payrnet Ltd which is authorised. Money held with Tier 1 bank. I reckon that will come later.
What they’re offering is very similar to the likes o Monzo and others with the sole USP that the organisation, for its customers, will have an Islamic ethos. What that means, or how they implement that, is open to interpretation.
What kind of reaction they’ll get in term of growth will be difficult but I doubt they’re expecting huge scale.
The penetration of Monzo/Starling/Revolut amongst Muslims is a relatively small percentage, a smaller number will switch and then an even smaller number will make the full switch with all their banking facilities (salaries credited) especially until their directly FCA authorised. So we’re talking a subset of a subset of a…
I may consider trying them out a) to support them but also b) they seem to have additional features
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Until it is FCA authorised or an agent of a registered firm then I believe it’s illegal for it to offer services to UK retail customers
Sorry, I should’ve clarified they’re an agent, or becoming an agent, of an FCA authorised firm.
At this stage they may just be taking registrations of interest.
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