Lloyds TSB expands Islamic banking

LLOYDS TSB EXPANDS ISLAMIC BANKING

Article date: 07/09/2005 : 16:31:46

Islamic banking in the UK is set to become more widely available with the news that Lloyds TSB has opened more branches offering the service.

As of today, four new branches in Slough, Walthamstow, Stevenage and Barkingside will take the total number of Lloyds TSB's Islamic branches up to 16.

Customers using the Islamic banking service can benefit from a current account and a home finance service, both of which comply with Islamic Shariah law.

The current account has no overdraft and allows no credit interest, in place offering a debit card and charging no fee. It also requires no minimum balance.

The services from Lloyds TSB are still in a pilot stage, but the bank says that the expansion of the pilot, which began in February this year, is testament to its popularity so far.

"There is now a real choice on the high street for Muslims who want an alternative to conventional current accounts and mortgages and we're proud to be able to give these customers something we know that they will value," argued Gordon Rankin, Lloyds TSB Islamic Financial Services.

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