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25 August 2006
Muslim students have been provided with a financial boost by the news that Lloyds TSB has unveiled the UK's first Sharia law-compliant bank account.
Sharia, or Islamic, law demands that accounts do not charge interest, so the new account does not do so and keeps customers' deposits separate from all other funds involved with the bank.
Paul Sherrin, head of Islamic financial services at 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".
"Until today, however, young Muslim students have had no choice but to go against their beliefs by opening traditional bank accounts. By providing a real alternative that meets their financial and religious needs, we've made it possible for them to enjoy campus life without compromising their faith."
The account offers free internet banking and up to £1,500 of interest-free overdraft for a student's first three years among its services.
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