Banking giant Lloyds TSB has launched the first Islamic business account in the UK, allowing thousands of Muslim businesses across Britain to bank according to their faith.
The new Islamic Business and Corporate account is the latest addition to a range of Islamic banking services for Muslims offered by Lloyds TSB, and complies with Islamic law (Shariah). It is available across the bank’s 2,000 bank branches, and will be open to the UK’s estimated 100,000 Muslim firms.
Under Islamic law, it is believed that businesses, as well as individuals, should not pay or receive interest. Furthermore, individuals and businesses can only invest in certain companies, prohibiting dealings in industries such as gambling or alcohol.
Truett Tate, Lloyds TSB group executive director of wholesale and international banking, said: The entrepreneurial spirit in the UK is truly something to be proud of, and Muslim businesses are making a phenomenal contribution to this through their creativity and incredible work ethic. Britain is rapidly establishing itself as a center of Islamic finance, and Lloyds TSB has been at the forefront of this growth. By introducing an account for businesses, we’re consolidating our position as the UK’s leading provider of Islamic financial services and making it possible for Britain’s Muslim businesses and aspiring entrepreneurs to bank according to their principles.
The launch of the Islamic business and corporate account establishes Lloyds TSB as the largest provider of Islamic banking across the UK.