The
British banking group, Lloyds TSB, is now offering
its Muslim customers a current account that
is compliant with Islamic law (Shariah), which
forbids the payment and receipt of interest.
Although the account, which will be free and
not subject to any minimum balance requirements,
will not have an overdraft facility, a debit
card linked to the account will be available
to customers. The account, which was launched
on 15 February 2005, is being piloted in several
Lloyds TSB branches in London, Luton and Birmingham.
According to a study carried out by the bank,
three quarters of British Muslims want banking
services that respect the Shariah. Another British
bank, HSBC, has been offering, since July 2003,
mortgage loans and current accounts that comply
with Islamic law, and at the end of September
2004, the Islamic Bank of Britain (IBB), the
first Islamic retail bank in Europe, opened
its first branch in the centre of London.
