Name for overview as ‘British Muslims disproportionately affected by de-banking’
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n organisation representing British Muslims has known as for a overview into banking practices over issues in regards to the “arbitrary closure” of accounts.
The Muslim Council of Britain (MCB) has written to the Prime Minister, Chancellor and others urging the safety of common banking rights, irrespective of somebody’s spiritual or cultural background or political opinions.
The group mentioned “many law-abiding Muslim individuals and Muslim-led organisations” have been “gravely impacted by the arbitrary withdrawal of banking services” and argued that it had “become par for the course over the past decade” with no motion taken to deal with it.
We urge for an neutral overview that not solely addresses the mechanisms behind checking account closures but in addition examines why British Muslims are disproportionately affected by this subject
Banks are dealing with the prospect of widespread reforms to account closures after the Nigel Farage de-banking row that final week led to the resignation of NatWest chief govt Dame Alison Rose.
Former MEP Mr Farage mentioned his checking account was unfairly shut down by Coutts, owned by NatWest Group, as a result of it didn’t agree along with his political opinions.
NatWest has since introduced an unbiased overview, with legal professionals probing the closure of Mr Farage’s account and different situations of de-banking by Coutts.
Mr Farage mentioned Coutts has supplied to reinstate his private and enterprise accounts, with the previous Ukip chief additionally searching for compensation from the non-public financial institution.
The arbitrary withdrawal of banking companies by completely different UK banks has change into par for the course over the previous decade… (it) has continued unhindered with restricted transparency into the related banking techniques and determination making processes
But the MCB mentioned British Muslims have been disproportionately affected by the problem of financial institution accounts being closed down for a few years.
The organisation additionally despatched its letter to leaders of opposition events in addition to the Permanent Secretary to the Treasury.
It said: “Your decisive intervention calling for change at the NatWest group, following the recent denial of banking services to Nigel Farage, is of note. For British Muslims and Muslim-led organisations however, the arbitrary withdrawal of banking services by different UK banks has become par for the course over the past decade.
“The practice has continued unhindered, with limited transparency into the relevant banking systems and decision-making processes, little to no recourse for those impacted and no action taken by successive governments to address any of the aforementioned.”
It added that “significant cause for concern” stays “that many British Muslims and Muslim-led organisations have somehow been determined to be a potential risk” regardless of a scarcity of “validated evidence of any criminal activity”.
Zara Mohammed, MCB secretary common, mentioned: “We urge for an impartial review that not only addresses the mechanisms behind bank account closures but also examines why British Muslims are disproportionately affected by this issue.
“Our affiliates are ready to share their experiences and recommendations to ensure fair treatment for all.
“We call for the protection of universal banking rights, irrespective of religious or cultural backgrounds and political views, ensuring equitable access to financial services for all.”