Lloyds TSB: Islamic financing 'popular with group'
www.moneynews.co.uk > Mortgages > Lloyds TSB: Islamic financing 'popular with group'
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Lloyds TSB: Islamic financing 'popular with group'
Mon 23rd Apr 2007
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While financial providers are offering more packages in accordance with Islamic law, Muslim customers are also becoming more alive to the different packages available.
Under Sharia Islamic law, making money from lending is not permitted, entailing that Islamic current accounts offer no interest or overdraft facilities.
According to Emile Abu-Shakra, spokesperson for the group, Alliance & Leicester accounts are now taken up by more Muslims than any other provider.
"We are now the largest provider of Islamic finance on the high street," he said, adding that the products were becoming much more "mainstream".
Mr Abu-Shakra also commented: "There are Muslims out there who weren't necessarily aware of these products… and now that demand is gaining momentum."
In time, a number of other packages could also be rolled out by the group, including Alliance & Leicester mortgages.
Related News : Mortgages |
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Related News : LloydsTSB |
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