There is a case before the House of Lords which has the potential to blow open the husband and wife business partnership arrangements which have been ongoing for many years. HM R&C have taken their claims to the highest court in the land, the House of Lords, to seek a favourable ruling in their fight to change the “interpretation†of existing laws.
For many years we have seen consumers place great trust in the so called “Best Buy†tables in many of the financial magazines. While they do offer a summary of the best offers available at the time, many in the industry have great reservations. Do all companies have the same access to these lists? Maybe not….
Insiders in the industry claim that :-
While UK based banks Lloyds TSB and HSBC have been offering personal accounts administered in line with Sharia Law for some time, Lloyds TSB are the first to announce business accounts which meet the requirements of the Muslim law.
Under Sharia Law interest payments are not allowed to be charged, nor can they be received on funds held in a bank account. The Banks are also forbidden from investing the funds held in these accounts into areas of business deemed unethical by the Muslim body of law - e.g. Tobacco, Gambling, Alcohol, etc.
