The_Steve Posted July 17, 2013 Share Posted July 17, 2013 What are the reasons, according to his religion, that stop him from wearing a Wonga shirt? I'm pretty sure religious text does not mention payday loan companies. Someone previously posted the reasons, I think, and it was basically to do with money. Which, I thought, would also effect Virgin Money. Hmmm Short explanation: The basis for all Islamic finance lies in the principles of the Sharia, or Islamic Law, which is taken from the Qur'an and from the example of Prophet Muhammad (peace be upon him). The Islamic form of finance is as old as the religion of Islam itself. Central to Islamic finance is the fact that money itself has no intrinsic value. As a matter of faith, a Muslim cannot lend money to, or receive money from someone and expect to benefit – interest (known as riba) is not allowed. To make money from money is forbidden – wealth can only be generated through legitimate trade and investment in assets. Money must be used in a productive way. The principal means of Islamic finance are based on trading – it is essential that risk be involved in any trading activity. Any gains relating to the trading are shared between the person providing the capital and the person providing the expertise. Islamic Bank of Britain is a stand-alone bank. We are not part of a larger conventional group that combines Sharia banking and conventional banking. link Link to comment Share on other sites More sharing options...
AVFCforever1991 Posted July 17, 2013 Share Posted July 17, 2013 Do virgin money collect interest? 1 Link to comment Share on other sites More sharing options...
privateer Posted July 17, 2013 Share Posted July 17, 2013 It's absolute bollocks citing religious reasons and claiming interest doesn't exist in Islamic banking - it does it is just called something else. It might not be usurious but the net result is the same as western banking. You take a loan, you pay back more than you borrow. If he is claiming he is doing it from a social standpoint, that's one thing but if he is citing religion it is just Shi'ite 3 Link to comment Share on other sites More sharing options...
Stevo985 Posted July 17, 2013 VT Supporter Share Posted July 17, 2013 I find it hard to believe that Newcastle would make him train on his own if he is citing religious reasons. Wouldn't that be discrimination? Link to comment Share on other sites More sharing options...
The_Steve Posted July 17, 2013 Share Posted July 17, 2013 Wonga have thrown far more people into serious debt that Virgin Money I imagine. Islamic banking is far more ethical. It seems Newcastle have discriminated against him on religious grounds by making him train alone. He could sue them. Link to comment Share on other sites More sharing options...
Cliffy Biro Posted July 17, 2013 Share Posted July 17, 2013 Seems pretty hypocritical to me tbh. Link to comment Share on other sites More sharing options...
Rob182 Posted July 17, 2013 Share Posted July 17, 2013 Do virgin money collect interest? That was my thought aswell. Do Virgin Money offer loans also? 1 Link to comment Share on other sites More sharing options...
BOF Posted July 17, 2013 Moderator Share Posted July 17, 2013 Wonga have thrown far more people into serious debt that Virgin Money I imagine. Islamic banking is far more ethical. It seems Newcastle have discriminated against him on religious grounds by making him train alone. He could sue them.He'd lose. He played in a Virgin Money jersey and a Northern Rock jersey. He should be laughed out of court if he tried that shite. Link to comment Share on other sites More sharing options...
Rob182 Posted July 17, 2013 Share Posted July 17, 2013 Wonga have thrown far more people into serious debt that Virgin Money I imagine. Islamic banking is far more ethical. It seems Newcastle have discriminated against him on religious grounds by making him train alone. He could sue them. So just because Wonga is more of a high-risk business than Virgin Money, with regards to it's customers, Cisse is okay to wear the shirt for Virgin but not for Wonga. I'm not buying it. I reckon Cisse used Wonga when he first came to the country, and is still trying to pay off his debts. Yeah. That's the real reason. Link to comment Share on other sites More sharing options...
The_Steve Posted July 17, 2013 Share Posted July 17, 2013 Virgin Money offer loans to mortgage customers. Our Personal Secured Loans are at a variable rate, currently 9.79% (Standard Variable Rate +5%), for the life of the loan. The overall cost for comparison is 10.6% APR. Your personal secured loan is secured against your home so we do recommend you review your protection needs. You can choose to repay our secured loan over 5 to 35 years (25 years for Buy to Let mortgages). The repayment term must be equal to or less than the remaining term of the original mortgage. link Wonga's APR is over 5,000%. Completely different companies. Both Virgin and Northern Rock are broader financial companies. Wonga are merely vultures. Link to comment Share on other sites More sharing options...
BOF Posted July 17, 2013 Moderator Share Posted July 17, 2013 Virgin Money offer loans to mortgage customers. Our Personal Secured Loans are at a variable rate, currently 9.79% (Standard Variable Rate +5%), for the life of the loan.The overall cost for comparison is 10.6% APR.Your personal secured loan is secured against your home so we do recommend you review your protection needs.You can choose to repay our secured loan over 5 to 35 years (25 years for Buy to Let mortgages).The repayment term must be equal to or less than the remaining term of the original mortgage.linkWonga's APR is over 5,000%. Completely different companies. Both Virgin and Northern Rock are broader financial companies. Wonga are merely vultures.The rate is immaterial. The amount of people they've put into debt is immaterial. The fact that they ask for interest is the only thing that matters religiously. 3 Link to comment Share on other sites More sharing options...
TrentVilla Posted July 17, 2013 Moderator Share Posted July 17, 2013 Virgin Money offer loans to mortgage customers. Our Personal Secured Loans are at a variable rate, currently 9.79% (Standard Variable Rate +5%), for the life of the loan. The overall cost for comparison is 10.6% APR. Your personal secured loan is secured against your home so we do recommend you review your protection needs. You can choose to repay our secured loan over 5 to 35 years (25 years for Buy to Let mortgages). The repayment term must be equal to or less than the remaining term of the original mortgage.link Wonga's APR is over 5,000%. Completely different companies. Both Virgin and Northern Rock are broader financial companies. Wonga are merely vultures. The rate is immaterial. The amount of people they've put into debt is immaterial. The fact that they ask for interest is the only thing that matters religiously. BOF is quite right here. Link to comment Share on other sites More sharing options...
Mantis Posted July 17, 2013 Share Posted July 17, 2013 (edited) Agree with the above. Cisse is acting like a hypocrite here. Also, I fail to see how making him train with the reserves is religious discrimination. He's not being made to train with the reserves because of his religion, but because of his refusal to wear the Newcastle shirt with the club sponsor on it, an action which presumably is in breach of his contract. Edited July 17, 2013 by Mantis Link to comment Share on other sites More sharing options...
coda Posted July 17, 2013 Share Posted July 17, 2013 I fully support Cisse in his hypocritical stance (if it speeds up the sale of Bent). 2 Link to comment Share on other sites More sharing options...
KennyPowers Posted July 17, 2013 Share Posted July 17, 2013 Absolute bollocks, he's just trying to force a move. The telling thing is that how many of the other Muslims at Newcastle have followed his lead. None of them. Link to comment Share on other sites More sharing options...
Xela Posted July 17, 2013 Share Posted July 17, 2013 . Islamic banking is far more ethical. Rubbish Interest is just called something else instead Link to comment Share on other sites More sharing options...
KennyPowers Posted July 17, 2013 Share Posted July 17, 2013 . Islamic banking is far more ethical. Rubbish Interest is just called something else instead Yeah the money is just invested and they receive a return on the investments. It's a big difference but the end result is about the same. Link to comment Share on other sites More sharing options...
ml1dch Posted July 17, 2013 Share Posted July 17, 2013 Virgin Money offer loans to mortgage customers. Our Personal Secured Loans are at a variable rate, currently 9.79% (Standard Variable Rate +5%), for the life of the loan. The overall cost for comparison is 10.6% APR. Your personal secured loan is secured against your home so we do recommend you review your protection needs. You can choose to repay our secured loan over 5 to 35 years (25 years for Buy to Let mortgages). The repayment term must be equal to or less than the remaining term of the original mortgage.link Wonga's APR is over 5,000%. Completely different companies. Both Virgin and Northern Rock are broader financial companies. Wonga are merely vultures. The rate is immaterial. The amount of people they've put into debt is immaterial. The fact that they ask for interest is the only thing that matters religiously. BOF is quite right here. The equivalent would be like refusing to wear a Smirnoff logo on religious grounds because it forbids alcohol, but having no problem wearing a Newcastle Brown Ale logo. Link to comment Share on other sites More sharing options...
TrentVilla Posted July 17, 2013 Moderator Share Posted July 17, 2013 I'm desperate for someone to get an interview with Kinnear on this one, the mind boggles what he would have to say. Link to comment Share on other sites More sharing options...
chrisp65 Posted July 17, 2013 Share Posted July 17, 2013 I'm desperate for someone to get an interview with Kinnear on this one, the mind boggles what he would have to say. 'when I worked at the Bank of England for 6 years we often had these muslin shirts so I don't see a problem. As I said to Marak Craney yesterday, you can call me Al. But to be honest, I don't see us making a move for Wonga cos I'm just not that interested in foreign players, now **** off you **** face'' 3 Link to comment Share on other sites More sharing options...
Recommended Posts