Anorak News | Lloyds Bank Wants A Sharia The Wealth

Lloyds Bank Wants A Sharia The Wealth

by | 4th, April 2007

NEVER ones to miss out on a new sources of profit, banks are now turning their attention to the previously untapped Islamic business market.

According to the Guardian, Lloyds TSB has become the first mainstream bank to launch a sharia-compliant business account, introducing the ‘Islamic Business and Corporate account’.

The new service will be available to Muslim businesses throughout its network of branches with Lloyds director Truett Tate proclaiming “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”.

According to Islamic law, bank accounts should not charge or pay any form of interest, a rather good idea if you ask me, and one that surely should be applicable to any faith, or indeed no faith at all.

But watch out for those bank charges!

Posted: 4th, April 2007 | In: Money Comment | TrackBack | Permalink