Lloyds TSB go to Scotland to promote Islamic banking

05 April 2006
With the Islamic financial sector continuing to grow in the UK, Lloyds TSB begins an 'Islamic banking road show' in Glasgow on Monday, April 10th to promote its new line of products on offer.

Two million Muslims live and work in the UK but because Shariah law forbids both the payment and receipt of Riba (interest), as well as the investment of funds in "illegal" industries such as arms or pornography, Lloyds TSB are one of several banks now offering special Islamic financial services.

The series of events are to be held around the country and will be aimed at demonstrating the benefits and products available to Muslims at more than 30 branches of the high street giant.

Head of Lloyds TSB's Islamic Financial Services, Paul Sherrin, put forward exactly what he hoped would be achieved by doing this.

"With these road shows we want to be able to show people the products and services we are now offering Muslims, but we also want to give people the chance to air their views and ask questions of our panel of experts," he said.

"Islamic banking is only just beginning in the UK but Lloyds TSB is proud to be playing its part in making these services available to more people across the country," Mr Sherrin explained.

The bank's Islamic current account facility offers no credit interest and has no overdraft facility but all other charges remain the same, with the account also offering a debit card.

An independent board of specialist scholars has been consulted by Lloyds TSB to ensure Shariah law is being complied with at every stage of the accounting process.

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