Lloyds TSB Islamic banking expanded

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Lloyds TSB Islamic banking expanded

Lloyds TSB Islamic banking is now available at 22 of its branches across the country and several more are set to offer the facility by the end of the year.

From today Lloyds TSB Islamic banking will be available in branches in Newcastle, Preston, Sheffield, Bastwell and Sparkhill in Birmingham.

Paul Sherrin, head of Lloyds TSB Islamic Financial Services, said: "This is yet another milestone on the road to making Islamic banking available to all Muslims in the UK."

Lloyds TSB Islamic banking complies with Shariah law, which forbids the payment and receipt of interest or Riba.

The Lloyds TSB current account offers customers no credit interest and no overdraft facility and the home finance product is not based on interest payments.

The home finance product is not based on interest payments. It works by allowing the bank to buy the property outright for up to 90 per cent of the purchase price with the customer donating the remainder.

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