Lloyds TSB has created its first current banking account designed for Muslim students.
The Islamic account is designed to be fully compliant with Shariah law, which states that customers cannot pay or receive interest on their money.
Specifically created for students, the account has an interest-free overdraft of £1,500 for three years, rising to £2,000 for longer courses.
Paul Sherrin, head of Islamic financial services, Lloyds TSB, said: "This student account is the first to have been designed with Muslims in mind.
"Britain's two million strong Muslim community is as young as it is fast growing, with more than half under the age of 25 - and of course many of these are studying."
Mr Sherrin concludes that the banking option is a real alternative that meets the financial and religious needs of Muslim customers, without compromising their faith."
Lloyds TSB student accounts also feature access to credit cards and graduate loans once the course is complete.
An online banking service also allows users to make payments, check their balances and apply for financial services on the internet.
Lloyds creates Islamic banking option
Financial Services > e-banking > Banking news
Lloyds creates Islamic banking option
Thu, 24 Aug 2006
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