NAB to introduce Muslim-friendly loans (1 Viewer)

[blue_chameleon]

This appears to be simply a marketing ploy by NAB to profit through another product.

Sticking point might be the fact that it's Islamic finance, and whether this countries banks should offer such products where the basis of demand for them stems from religion.

I'm indifferent on it, there's [possible] demand for a product, and this product would be available to anyone. The world isn't going to implode.

 

[justanotherposter]

whether this countries banks should offer such products where the basis of demand for them stems from religion.

Why shouldn't it? The banks are private entities trying to make profit - the effective way to do this is to bank on demands. Just because a demand stems from religion doesn't make the demand invalid, it's still a profitable business opportunity.

 

[Sicherhetsdient]

lol terrorist bankerzzz

 

[blue_chameleon]

Why shouldn't it? The banks are private entities trying to make profit - the effective way to do this is to bank on demands. Just because a demand stems from religion doesn't make the demand invalid, it's still a profitable business opportunity.

I can't fault that logic. Will be interesting to see how much demand there is out there for this product, but i'm assuming NAB would have done a bit of research and would know there is a certain level of demand to warrant rolling out this new product.

 

[justanotherposter]

myeah, I can see a scheme like this working. The stupid thing is that, like a lot of people have already pointed out, this is almost exactly like paying a fixed rate - just under a different guise which will somehow make the loans kosher now . GG.

 

[blue_chameleon]

myeah, I can see a scheme like this working. The stupid thing is that, like a lot of people have already pointed out, this is almost exactly like paying a fixed rate - just under a different guise which will somehow make the loans kosher now . GG.

So with this in mind, do you think muslims that this is targeted towards will see through the marketing of this product and see the fact that the actual structure of the loans still goes against their religion? Or will they still go for it, as it's a better alternative to what's currently offered by the major banks?

I guess this determines how well it will be received, and how much perceived demand transfers into actual demand.

 

[Sicherhetsdient]

the product will be available for low income earners who are looking to purchase personal/household items (eg. white goods, furniture, electricals) and are unable to obtain finance elsewhere.

Once they meet the strict qualification criteria, the applicant will need to provide a quote for the item they intend to purchase. Payment will then be provided directly to the retailer and repaid by the applicant via repayments from their Centrelink payments.

.

 

[justanotherposter]

So with this in mind, do you think muslims that this is targeted towards will see through the marketing of this product and see the fact that the actual structure of the loans still goes against their religion? Or will they still go for it, as it's a better alternative to what's currently offered by the major banks?

IMO, it'll work - NAB aren't the first to do this - iirc the Arab Bank of Australia currently offers same method for loans and it works out for them. It'll probably be put under a lot of scrutiny too by Islamic leaders and their opinions will probably have a part to play in deciding whether or not this is adopted by Muslims.

 

[blue_chameleon]

.

Well that changes things.

Source?

 

[justanotherposter]

Well that changes things.

Source?

the product will be available for low income earners who are looking to purchase personal/household items (eg. white goods, furniture, electricals) an - Google Search

Google leads me to:
Muslims Get Interest-free Loans - MuslimVillage Forums

Just to give you a little bit more info, the product will be available for low income earners who are looking to purchase personal/household items (eg. white goods, furniture, electricals) and are unable to obtain finance elsewhere.

Once they meet the strict qualification criteria, the applicant will need to provide a quote for the item they intend to purchase. Payment will then be provided directly to the retailer and repaid by the applicant via repayments from their Centrelink payments.

Alhamdulillah we are really excited and honoured to be involved with this project. Inshallah we are in the process of formalising our agreement with NAB and this product could be the first step in a whole range of future Islamic products Inshallah.

Please don't ask me any more questions as all will be revealed once we launch Inshallah.

W'Salaam
Ahmed

 

[Omium]

I'll borrow a quote from someone...

'You Can Put Lipstick on a Pig, But It's Still a Pig'

 

[Tracy Grimshaw]

I'll borrow a quote from someone...

Shut up you faggot, Gordon has apologised already!

 

[Uncle]

Halal foods.
Muslim-friendly loans.
So what?

 

[sam04u]

Halal foods.
Muslim-friendly loans.
So what?

Next they'll be asking for "muslim courts" for marriages and civil disputes! Which will operate based on pre-esixting arbitration laws!

They'll take over our laws and our country! Next thing you know it'll be illegal to walk around with out HE-JABB and to eat BACON.

 

[Uncle]

Next they'll be asking for "muslim courts" for marriages and civil disputes! Which will operate based on pre-esixting arbitration laws!

They'll take over our laws and our country! Next thing you know it'll be illegal to walk around with out HE-JABB and to eat BACON.

oh god.

 

[S.H.O.D.A.N.]

religion does have a place in banking.

No it doesn't you moron.

because islam encompasses all aspect of life and if it applies to muslims and non muslims, and doesnt effect you personally i dnt see the need to make such a big deal out of it. Oh wait its because it involves muslims and society these days enjoys making a big fuss about anything that involves muslims. how about you just get over it!!!</SPAN>

Stop putting words in my mouth you pathetic apologist. I despise all religions but am respectful to respectful followers. I'll criticise Islam as much as I fucking like when it deserves it.

 

[rara92]

No it doesn't you moron.



Stop putting words in my mouth you pathetic apologist. I despise all religions but am respectful to respectful followers. I'll criticise Islam as much as I fucking like when it deserves it.

well then i rest my case. That explains why you are the way you are. I honestly feel sorry for you!!!...criticise all you want but it will get you no where it just proves how unhappy and sad your own life is that you feel the need to bag out other religions and their followers!! its ok...there are others like you in this world who i'm sure you'll find you'll get along with!!

 

[russs]

well then i rest my case. That explains why you are the way you are. I honestly feel sorry for you!!!...criticise all you want but it will get you no where it just proves how unhappy and sad your own life is that you feel the need to bag out other religions and their followers!! its ok...there are others like you in this world who i'm sure you'll find you'll get along with!!

Peace yo. Embrace love and unity and all the other bullshit.

 

[Graney]

No it doesn't you moron.

Religious followers are a demographic and banking services are a product. Banks are free to market and design their products to appeal to any niche demographic, including the religious.

This is no different to supermarkets offering halal or kosher products.

 

[eldore44]

It's just a technical issue really on the muslim ban on interest.
The banks will make sure they make just as much money, but not be charging an interest, per se.

No issue.