14 June 2006
The UK's two million Muslims will now have much greater access to a current account that complies with Shariah Islamic law.
Lloyds TSB has announced that it is to offer new financial products including a current account that are designed to meet requirements set out by Shariah, such as the forbidding of interest.
Both the payment and receipt of interest are forbidden under the law, which has created problems for Muslims in the past when looking for financial products.
The account has no overdraft facility, pays no credit interest but does provide a debit card with no fees or required minimum balance.
"Britain is home to a large and fast-growing Muslim community, but many have found that their financial needs have been left wanting," said Paul Sherrin, head of Islamic financial services at the bank.
"By making these products available nationwide we're bringing Islamic banking into the mainstream and we're giving the Muslim community access to financial services that meet their needs without compromising their religion."
Muslims across the UK can apply for Islamic banking at any of the bank's 2,000 branches.
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