24 April 2007
Islamic financial products are set to be taken up in ever greater numbers as knowledge about them increases, Lloyds TSB has stated.
According to a spokesperson for the group, Emile Abu-Shakra, with high street banks now offering a small number of financial packages to Muslim customers, Lloyds TSB says that it will be offering a wider range of packages in the near future.
Under Sharia Islamic law, making money from lending is not permitted, which means that interest is forbidden on accounts or other financial packages.
With Lloyds TSB already having rolled out a current account suitable for use under Sharia law, Mr Abu-Shakra said the group would "definitely be looking at other products".
Islamic versions of credit cards, loans and savings accounts could all be rolled out soon, Mr Abu-Shakra added.
Research carried out by Datamonitor in July 2005 indicated that the Islamic mortgage market was set to grow by 47% a year to be worth £1.4 billion by 2009.
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