Wednesday 23rd August 2006
Lloyds TSB has launched the UKs first Islamic student current account.
The account will allow Muslim students to be able to manage their finances through university and upon graduation without compromising their faith.
Islamic law states that customers cannot receive or pay interest on money.
In addition, deposits held in accounts are not allowed to be invested by the bank in industries such as alcohol or gambling.
This account from Lloyds therefore does not pay or charge interest and deposits from the holder are kept separately from all the other funds in the bank.
Paul Sherrin, head of Islamic Financial Services at Lloyds TSB, commented: "Until today, young Muslim students have had no choice but to go against their beliefs by opening traditional bank accounts.
"By providing a real alternative that meets their financial and religious needs, weve made it possible for them to enjoy campus life without compromising their faith."
The account will provide the usual student perks of a free iPod Shuffle and a years free membership with the Youth Hostel Association.
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