Islamic banking expanding
Islamic banking is expanding in all parts of the UK, as Lloyd TSB increases the Islamic services it offers.
Only three banks currently provide for Britain's Muslim population of two million: HSBC, Lloyd's TSB and the Islamic Bank of Britain.
Under Shariah law, Islam forbids a Muslim from charging or receiving interest, having a mortgage, overdraft or investment fund, and outlaws speculating on stocks and shares.
Only Halal (permissible) companies can be invested in, as Muslims are also forbidden from making an income from firms that deal in 'unethical' products such as alcohol, pork, tobacco, nudity, and gambling.
Muslim mortgages have been developed, whereby a bank buys the house, which the occupier then pays for in the form of rent.
From today, Shariah services will be on offer from Slough, Walthamstow, Stevenage and Barkingside, and will join the existing 12 branches in the scheme, offering a current account and home finance service, which complies with Islamic Shariah law.
Gordon Rankin, Lloyds TSB Islamic financial services, said: 'This expansion of the pilot is yet another milestone on the road to making Islamic banking available to all Muslims in the UK. There is now a real choice on the high street for Muslims who want an alternative to conventional current accounts and mortgages and we're proud to be able to give these customers something we know that they will value.'
'By the end of the year our customers will be able to access Islamic current accounts and home finance in many more branches across the country. We're offering products which not only meet the needs of Muslims, but, are also truly competitive. The fact we're expanding the pilot is testament to the popularity of our Islamic financial services offering so far.' | 
