First Muslim business account launched

Lloyds TSB now offers account which adheres to Islamic law

Thousands of Muslim businesses across the country will be able to bank according to their faith from today, following the launch of the first high street Islamic business account.

The Lloyds TSB account, which complies with Islamic Shariah law, will be open to the UK’s estimated 100,000 Muslim businesses and available throughout its 2,000-strong network of branches, the bank revealed.

The account adheres to Islamic law, which states that neither businesses nor individuals should pay or receive interest, nor should they invest in companies involved with gambling or alcohol.

“It means a lot to me that I now have the option of banking in line with my faith”, said Shazia Salee, a British Muslim entrepreneur who is establishing her own Halal food business.

“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.

“I am sure this will encourage other Muslims to put their business ideas into action.”

The new Islamic Business and Corporate account is the latest in a range of Islamic banking services offered by Lloyds TSB, including Shariah-compliant student and current accounts.

“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,” added Truett Tate, group executive director for Wholesale & International Banking at Lloyds TSB. © Crimson Business Ltd. 2007

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