New Lloyds TSB account is Shariah-compliant
www.moneynews.co.uk > Banking > New Lloyds TSB account is Shariah-compliant
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Money News |
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New Lloyds TSB account is Shariah-compliant
Thu 24th Jan 2008
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The account can be used to send money to other countries, as many current Muslims currently transfer money internationally between banks in a way which does not adhere to Islamic principles.
"This account is a real milestone for banks like ours and means we can give our customers reassurance that their money is being dealt with according to Islamic law, from the moment it leaves their account to the moment it reaches its destination," explains
Simon Ratcliff, Head of Operations, Bank of London and The Middle East plc.
The Islamic Nostro Account does not pay interest on money held in the account, has no overdraft facility and the bank has promised that the none of the funds will be invested in prohibited industries such as alcohol.
The Financial Services Authority estimated that, in November 2007, international Islamic finance is worth around £250 billion.
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