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New Bank Account for Muslim Businesses
 Thousands
of Muslim businesses across Britain are now
able to bank according to their faith, as
Lloyds TSB launches the first high street
Islamic business account in the country. The
account, which complies with Islamic law
(Shariah), is available across the bank’s
2,000 branches, and will be open to the UK’s
estimated 100,000 Muslim firms.
Islamic law states that businesses, as well
as individuals, should not pay or receive
interest. The rules also say that
individuals and businesses can only invest
in certain companies, prohibiting dealings
in industries such as gambling or alcohol.
In order to ensure that the account is fully
compliant with Islamic law, Lloyds TSB has
consulted with its board of renowned Islamic
scholars.
Truett Tate, Group Executive Director,
Wholesale & International Banking, said:
“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.
Shazia Saleem, 22, a British Muslim
entrepreneur who is establishing her own
Halal food business, said: “It means a lot
to me that I now have the option of banking
in line with my faith. Islam is a way of
life for me and I know that once I have got
my business off the ground it is going to be
a huge part of my life, so is important that
I am comfortable with every aspect of the
way it is run.
“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. It’s great
that a high street bank is offering an
account that meets both my religious and
business needs. I am sure this will
encourage other Muslims to put their
business ideas into action.”
Customers will be able to make use of the
bank’s 2,000 branches and 4,000 Cash point
machines, as well as Internet and telephone
services. They will also have access to a
named relationship manager.
In order to comply with Islamic law, the
Islamic Business and Corporate account
offers no credit interest and no overdraft
facility, but does provide all the other
services available to traditional business
and corporate account holders.
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