DAR AL HARB - U.K.: SHARI'AH COMPLIANT BUSINESS ACCOUNT IN BRITISH BANKS

Lloyds TSB offers first Islamic bank account to UK businesses

Pensions may be giving Gordon Brown a headache, but one thing the chancellor has got right is introducing legislation in every Budget since 2003, including the most recent, to make it possible for financial institutions to design products for the Muslim community which are Shariah compliant. The UK now leads the non-Muslim world in this field.

Lloyds TSB is the latest to take advantage of the opportunities with the launch of the first Islamic business account in this country, allowing thousands of Muslim businesses across Britain to bank according to their faith. The account, which complies with Islamic law (Shariah), is available across the bank's 2,000 branches, and will be open to the UK’s estimated 100,000 Muslim firms.

'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,' said Truett Tate, group executive director, wholesale & international banking, at Lloyds TSB.
'Britain is rapidly establishing itself as a centre 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,' Tate said.

The new Islamic Business and Corporate account is the latest addition to a range of Islamic banking services for Muslims offered by Lloyds TSB. Last year, following research that showed three quarters of the UK's Muslim population were interested in Islamic financial services, the bank launched a series of Shariah compliant products, including an Islamic current account, student account, mortgage and investment fund.

...


Pertinent Links:

1) Lloyds TSB offers first Islamic bank account to UK businesses