High Street Islamic Current Account
Lloyds TSB launches a Sharia-compliant current account
16th February 2005
The first mainstream Islamic current account is to be launched by Lloyds TSB.
Under Sharia Law, Muslims are forbidden to receive or pay interest, meaning that general current accounts are unsuitable for UK Muslims.
The new Lloyds account will not pay interest on credit balances, and will not offer an overdraft facility, so removing the need for interest charges.
Previously, the only Sharia compliant accounts available were from foreign-based banks, or with the Islamic Bank of Great Britain, launched in September last year.
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