Islamic banking is experiencing an upheaval in Hertfordshire.
This region's Lloyds TSB launched a special current account and mortgage service for its Islamic banking customers.
These financial services conform to the laws of Islam, called Sharia.
Under Sharia, the payment or receipt of interest is considered to be usury or 'riba', and it is completely banned. These laws make traditional financial services inaccessible to Muslims.
According to the man behind the project, Abtar Ahmed, feedback so far had been positive.
He told the Welwyn and Hatfield Times: "People see it as good. They did not think this would be available from high street banks."
Mr Ahmed said that even if the Islamic banking community is relatively small, their needs should still be catered for with appropriate financial services.
These new Lloyds TSB Islamic banking services will be available in Hatfield, Potters Bar and Hertford form the middle of August.
Other Islamic banking services that are Sharia-compliant are being planned and include financial services like insurance.
Lloyds TSB was recently named Bank of the Year at the first Finance Directors’ Excellence Awards, hosted by the Confederation of British Industry (CBI) and Real Finance.
Lloyds TSB Islamic banking boosted in Herts
Financial Services > e-banking > Banking news
Lloyds TSB Islamic banking boosted in Herts
Thu, 14 Jul 2005
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