Lloyds TSB launches Islamic Student Account

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Lloyds TSB launches Islamic Student Account

Wed 23rd Aug 2006

Lloyds TSB has launched an account designed specifically for Muslim students.

The new Islamic Student Account means Muslims no longer have to use financial services in conflict with their beliefs.

Under Shariah law, deposited money should not be invested in certain industries, including alcohol and gambling, and receiving or paying interest is forbidden.

Paul Sherrin, head of Islamic financial services, Lloyds TSB said: "Until today, however, young Muslim students have had no choice but to go against their beliefs by opening traditional bank accounts.

"By providing a real alternative that meets their financial and religious needs, we've made it possible for them to enjoy campus life without compromising their faith."

When opening the new account students will obtain all the benefits of a TSB standard student account, receive a free iPod Shuffle and one year’s membership with the Youth Hostel Association (YHA).

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