Lloyds TSB to Offer Islamic Banking Nationwide

June 14, 2006

Source: BBC News


On June 14, 2006 BBC News reported, "Lloyds TSB is to offer current accounts and mortgages which comply with Islamic law through its 2,000 strong branch network from Wednesday. The bank has offered such accounts since 2005 but only in a few branches. The bank will concentrate its main marketing push in about 100 branches in areas with a large Muslim population. An Islamic scholar advising the bank told BBC News that access to such services would ultimately mean 'less exclusion and less extremism.' Traditionally, many Muslims have shunned mainstream financial services and High Street banks because their products do not comply with Sharia law. Under Sharia Islamic law, making money from money, such as charging interest, is usury and therefore not permitted. Wealth should be generated only through legitimate trade and investment in assets. Investment in companies involved with alcohol, gambling, tobacco and pornography is strictly off-limits."