Lloyds TSB launches another Muslim mortgage location

28 April 2005
Following the launch of the Islamic current account in February, Lloyds TSB is now specialising in interest savings and mortgaging services that meet Islamic law.

A new site in London is going to offer the service, with Aldgate East being chosen as the new location in the capital to offer the products.

Lloyds TSB's current account director, Gordon Rankin, told the BBC: "London is a melting pot of different cultures and is home to the vast majority of the UK's Muslims.

"Our research shows that over three-quarters of British Muslims want banking services that fit with their faith, but they also want all the benefits they have come to expect from a high street bank."

The account works by not offering credit interest or overdraft facilities and the mortgage involves the bank providing 90 per cent of the house price and customers paying the total back over a set time whilst making extra rental payments.

Edgeware Road in London already offers the service and was the first location Lloyds TSB opened.

To read more about mortgages, click here.

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