Lloyds TSB is today launching the UK’s first-ever business and corporate account for Muslim customers. The bank says its product fully complies with sharia law and as such does not offer credit interest or an overdraft facility. In addition, under Islamic law Muslims are not permitted to invest in certain industries such as alcohol or gambling.
The new account, available to the 100,000 Muslim businesses in the UK across Lloyds TSB’s 2,000 branches, follows on from Islamic current accounts, student accounts and mortgage and investment funds launched by the bank last year.
« The entrepreneurial spirit in the UK is truly something to be proud of, and Muslim businesses are making a phenomenal contribution to this through their creativity and incredible work ethic, » said Lloyd TSB’s executive director of wholesale and international banking Truet Tate. « Britain is rapidly establishing itself as a centre of Islamic finance, and Lloyds TSB has been at the forefront of this growth. »
And Shazia Saleen, a 23-year-old Muslim entrepreneur who is setting up her own Halal food venture, predicted that the new account would encourage « other Muslims to put their business ideas into action ». « Until now aspiring Muslim entrepreneurs have had limited choices when it comes to financing their business ideas and I know this has held some people back, » she commented.
April 3, 2007