Bethnal Green joins Lloyds TSB pilot

The branch of Lloyds TSB in London’s Bethnal Green has started offering Islamic banking services to the area’s Muslim community.

The branch is the latest to join Lloyds TSB’s Islamic Financial Services pilot, which now covers 17 locations.

Bethnal Green Lloyds TSB will now offer a current account and a home finance scheme designed to meet the needs of Muslims. The products comply with Sharia law, under which payment and receipt of interest is forbidden.

Bethnal Green joins London branches including Walthamstow, Edgware Road, and Aldgate as well as branches in Birmingham, Luton and Dewsbury, Bradford, Slough, Letchworth, and Southampton in offering this service.

Paul Sherrin, head of Islamic Financial Services at Lloyds TSB, says: “Bethnal Green is home to one of London’s strongest Muslim communities and by bringing Islamic banking to the area we hope to give our customers a real alternative to traditional banking.

“Our Islamic financial services are now available in many branches and Bethnal Green is a milestone on the road to making these services available to all Muslims in the UK.

“There is now choice on the high street for Muslims who want current accounts and mortgages that meet the requirements of Islam. We’re proud to be able to give these customers something we know they will value.”

The current account offers no credit interest and no overdraft facility but provides a debit card and unlike other Sharia-compliant accounts, does not charge a fee or require a minimum balance.