23 August 2006
Lloyds TSB has launched the first UK Islamic student account allowing Muslims who study to take out a financial product that does not compromise their faith.
According to Islamic law, customers cannot pay or receive interest on their money and deposits while it is important also that such funds are not invested in certain industries such as gambling and alcohol.
To fit with these principles, the Lloyds TSB standard student account will not pay or charge interest and customers' deposits will be kept separately to all other funds held by the bank.
The product will also feature an interest free overdraft of £1,500 for three years as well as the option of an iPod Shuffle and one year's Youth Hostel Association (YHA) membership upon joining.
Paul Sherrin, Lloyds TSB head of Islamic financial services, said: "This student account is the first to have been designed with Muslims in mind. Britain's two million strong Muslim community is as young as it is fast growing, with more than half under the age of 25 – and of course many of these are studying."
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