Lloyds TSB Islamic Financial Services is offering a series of events this week to introduce its Islamic banking products to the Muslim community.
More than 30 branches of the bank now offer current accounts and mortgages to Islamic banking customers, for whom interest is forbidden under Shariah law.
The Islamic banking road show by Lloyds TSB Financial Services starts this Thursday with an event in Ilford.
A further 11 events will take place over the coming months and the organisers believe these will offer a "real opportunity" for those who want to learn more about Islamic banking.
However, the bank is not only planning to introduce Islamic banking products to the public, but also wants to "give people the chance to air their views and ask questions of our panel of experts", according to Paul Sherrin, head of Lloyds TSB Islamic Financial Services.
"Islamic banking is only just beginning in the UK but Lloyds TSB is proud to be playing its part in making these services available to more people across the country," Mr Sherrin continues.
The Islamic banking current account offered by Lloyds TSB offers a debit card but no credit interest or overdraft facility to customers.
Similarly, the mortgage is not based on interest payments. The bank buys the property on behalf of the mortgage borrower, paying a maximum of 90 per cent of the purchase price.
The mortgage holder then repays the sum, together with rent, over a set term.
Lloyds TSB consulted an independent board of specialist Islamic scholars in the design of these Islamic banking products.
Islamic banking road show to start
Financial Services > e-banking > Banking news
Islamic banking road show to start
Mon, 13 Feb 2006
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