Lloyds TSB: Islamic finance is a “hugely growing area”

The Islamic finance sector has been described as an area of massive growth by a financial provider.

According to Lloyd’s TSB, five of its branches were offering Islamic-based products to Muslims five years ago, whereas now they are available in over 2,000.

Islamic finance is based on Sharia law, where interest is forbidden and wealth made through legitimate means only.

And mirroring this increase is the Islamic mortgage market, which Datamonitor announced in 2005 was set to see 47 per cent growth by 2009 – pushing its worth to £1.4 billion.

“It’s a hugely growing area,” said Lloyds TSB spokesperson Emile Abu-Shakra.

“So we now offer a current account, a mortgage, a student account, an investment fund and a business and corporate account.”

According to British Embassy statistics, there are currently 1.6 million Muslim people who have taken residence in the UK.

© Adfero Ltd

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