Lloyds TSB launch Muslim business account

Lloyds TSB has become the first high street bank to launch an account aimed at Muslim businesses.

The bank estimates that there are 100,000 Muslim companies operating in the UK and has made the account available in all branches nationwide.

According to Lloyds TSB, the account is operated under principles consistent with Sharia law.

Sharia law precludes Muslims from paying or receiving interest and does not allow for investment in unethical companies.

Lloyds TSB have launched the account after conducting research that found three quarters of the UK’s Muslims would be interested in such a product.

Truett Tate, spokeswoman for the bank, said that Britain “is rapidly establishing itself as a centre of Islamic finance”.

She added: “By introducing an account for businesses, weíre consolidating our position as the UKís leading provider of Islamic financial services.”

Sharia is the a legal framework which regulates public and private life for people who follow Islam.

It is not a strictly codified body of law, instead operating as a system of precedent and jurisprudence as does English common law.

© Adfero Ltd

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