Like Nigel Farage, British Muslims say they are being ‘de-banked’ | Business and Economy News

Like Nigel Farage, British Muslims say they are being ‘de-banked’ | Business and Economy News
Like Nigel Farage, British Muslims say they are being ‘de-banked’ | Business and Economy News

Two months in the past, the Cordoba Basis, a British assume tank, was organising a discussion board in central London about political tensions in Tunisia.

However when making an attempt to settle invoices, its efforts to pay for the occasion failed.

“A number of makes an attempt to pay the venue supplier and suppliers saved declining whereas funds from donors into our NatWest account saved being rejected,” mentioned Anas Altikriti, head of the group.

“Impulsively, we realised our enterprise accounts had been shut. There was no discover or rationalization in any way.”

He mentioned the financial institution didn’t ship him any letters, and when he referred to as NatWest, he was advised his buyer consultant didn’t have the authority to reveal particulars, solely the truth that the account had been closed.

A number of weeks later, there was extra unhealthy information for the assume tank, which goals to bridge gaps of understanding between the Muslim world and the West.

Altikriti was knowledgeable that his basis’s enterprise and private accounts on the Royal Financial institution of Scotland, which is owned by the NatWest Group, had been additionally being closed. As soon as once more, the financial institution failed to offer detailed causes.

And on Monday, issues acquired even worse.

Writing on social media, Altikriti mentioned Barclays, one other main financial institution with whom he has a mortgage, closed his accounts.

Whereas agonising, the ordeal is just not fully surprising.

“I’m all the time looking out for brand new accounts,” he advised Al Jazeera. “I’m not even shocked any extra after I get a notification that my checking account has been closed. Though it’s a surprising factor to expertise, … it’s now run-of-the-mill.”

Altikriti’s private HSBC account and people of his relations had been closed in 2014, a 12 months during which a number of Muslim organisations had been “de-banked”.

Current analysis has discovered that banks in the UK are closing as much as 1,000 accounts a day.

Banks name this “de-risking”, a time period that normally means rejecting individuals, companies and organisations deemed financially or legally dangerous. Generally, accounts are shuttered if the holder might trigger reputational harm to the financial institution.

However after a headline-grabbing feud that erupted final month within the UK, many are actually involved in regards to the conduct of main monetary establishments amid fears they’re closing accounts for questionable causes.

Nigel Farage, the right-wing populist politician who championed Brexit, went to warfare in July with British banks – and in the end received the battle – after his accounts had been closed.

He introduced the closures in late June, saying “the institution” was making an attempt to drive him out of the UK. Quickly after, the BBC inaccurately reported that Coutts – which is owned by NatWest – had closed his account as a result of he didn’t meet the wealth necessities. It quickly emerged that NatWest boss Alison Rose had offered the false info to the BBC. She later stop together with the top of Coutts.


The resignations and fallout – which has seen requires investigations and a condemnation of the banks by Prime Minister Rishi Sunak – have been welcomed by Farage and others who’ve spoken up about their private monetary troubles.

Although Altikriti and Farage couldn’t be additional aside of their political beliefs, the assume tank chief sees the scandal as a possibility to spotlight the therapy of de-banked British Muslims.

“Sure, we [Muslims] have been focused, completely, … however it goes past us,” he mentioned.

“If Nigel Farage will get his manner and the entire board of NatWest steps down, I’ll be joyful.”

“In the long run, it’s reducing off electrical energy from somebody since you don’t imagine of their religion or their political beliefs. It’s completely ridiculous.”

At one level in 2014, Altikiriti was with out an account for 4 months.

Every time banks shut his accounts, he receives the funds within the type of a cheque or is requested the place they need to be transferred.

“The only of issues hastily turn into one thing it is advisable take into consideration … like do I’ve sufficient money in my pocket for a cup of espresso? It’s an not possible scenario,” he mentioned.

HSBC refused to touch upon the closure of Altikriti’s accounts.

NatWest requested Al Jazeera to hunt Altikiriti’s permission to offer a touch upon the case. On the time of writing, regardless of Altikiriti having despatched his approval, Al Jazeera was nonetheless ready to listen to again from the financial institution. Barclays additionally had but to reply.

Fadi Itani, head of the of Muslim Charities Discussion board in London, advised Al Jazeera that no less than 50 organisations have confronted financial institution closures.

The Muslim Council of Britain, an umbrella group representing UK Muslims, not too long ago wrote a letter to Sunak, Labour chief Keir Starmer and Chancellor Jeremy Hunt saying Muslim people and organisations have been “disproportionately affected by this problem”.

In 2014, moreover Altikiriti, no less than two others had been affected – London’s Finsbury Park Mosque and the UK-based Ummah Welfare Belief, an organisation that collects assist for greater than a dozen international locations, together with Palestine and Afghanistan.

When HSBC closed the accounts of Finsbury Park Mosque, it put the place of worship in a “very troublesome” scenario with stakeholders and members of the Muslim neighborhood, its chairman, Mohamed Kozbar, advised Al Jazeera.

Mohamed Kozbar, left, pictured with Britain’s then-Prince Charles and his spouse, Camilla, on the Finsbury Park Mosque in London [File: Geoff Pugh/Pool via Reuters]

On the time, HSBC didn’t present clear causes for the transfer.

The BBC cited a letter from the financial institution to the mosque saying “the availability of banking companies … now falls outdoors of our threat urge for food”.

“Individuals begin questioning our credibility,” Kozbar mentioned. “To them, if there may be nothing to fret about, the banks shouldn’t be closing your account. And in the event that they shut it, that implies that you’ve performed one thing unsuitable, … and that’s the issue – we merely don’t have a solution.”

He blamed “institutional Islamophobia” within the UK for the banks’ actions.

“Whether or not its individuals within the media, the banks or the politicians, few if any got here to indicate us [Muslims] help through the years,” he advised Al Jazeera. “It demonstrates a transparent double normal.”

In 2017, the mosque obtained compensation and an apology from the Thomson Reuters Basis, which beforehand owned World-Examine.

The worldwide database, utilized by companies to find out attainable reputational and monetary dangers posted by present and potential purchasers, had designated the mosque as being linked to “terrorism”.

However even after the apology, Kozbar mentioned a number of of the mosque’s checking account purposes failed.

As of at present, the mosque has one UK account, which is with a digital financial institution.

After failing to get solutions from British banks about his account closures, Altikriti has come to his personal conclusions – that he has been focused for his activism.

“I’m a political activist. I’ve a really clear stand on Palestine. I’ve a really clear stand on the warfare in Iraq,” he mentioned, including that he can not afford to take the banks to court docket.

Arun Kundnani, the British creator of What’s Antiracism? And Why it Means Anticapitalism, advised Al Jazeera that denying  financial institution accounts “as a result of somebody someplace with out examined proof has determined to label you an ‘extremist’ not solely banishes you from any sort of financial exercise but additionally weakens democracy”.

“Democracy is dependent upon the liberty to dissent. That freedom is curtailed when monetary establishments or authorities businesses punish dissenters by excluding them from entry to financial exercise,” he advised Al Jazeera.

“During the last twenty years, banks, working with intelligence businesses, have continuously deployed such an influence towards activists, particularly Muslims, searching for to defend human rights.”

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