Muslims in the UK are disproportionately losing their bank accounts because of the bank’s new ‘risk aversion’ policies. They are not told what exactly is considered ‘at risk’. This was reported by an Arabic news site Al Jazeera.
Two months ago, the Cordoba Foundation, a British think tank to build bridges between the West and the Muslim world, wanted to hold an event in London about the political tensions in Tunisia. When they wanted to pay the bill, they found out ‘out of the blue’ that their bank account had been closed without further explanation.
Al Jazeera reports that as many as 1,000 accounts are closed every day in the UK.
According to the bank, this is about excluding ‘risk cases’. For example, a person, company or organization deemed ‘financially or legally’ at risk may suddenly be rejected as a customer without further explanation. People were also kicked out which could damage the bank’s reputation.
According to Fadi Itani, Chair of the Islamic Charities Forum in London, at least 50 Islamic organizations as clients have been affected by this rejection.
That can’t be a coincidence, thinks Altikriti of the Cordoba Foundation. “It’s like cutting someone off from a network just because you don’t share your religious or political beliefs. Completely ridiculous.’
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