Wednesday 14th June 2006
Following a successful trial period, Lloyds TSB is launching Islamic banking products in its branches nationwide.
It follows the recent move by HSBC to offer such products, which are also available from the Islamic Bank of Britain and the West Bromwich building society.
Based on Shariah law, Lloyds new products are intended for Britains Muslim community, who have until recently had to either resort to conventional British banking or opt out of the system altogether.
Shariah law, which governs Muslim politics, economics, banking, business law, contract law, and social issues, forbids the charging or receiving of interest, making not only bank accounts off limits for many, but mortgages and investments as well.
But Lloyds new Shariah-compliant products will mean that more British Muslims will be able to open accounts and take out mortgages under their own religious law.
Paul Sherrin, head of Islamic Financial Services at Lloyds TSB, said: "Having spoken to Muslims across the country we know that more than three-quarters want current accounts and mortgages that fit with their faith.
"By making these products available nationwide were bringing Islamic banking into the mainstream and were giving the Muslim community access to financial services that meet their needs without compromising their religion." 
©
Everything on preparing your finances for your children's futures. From Child Trust Funds through to tax planning. Request your FREE brochures here.
