Lloyds TSB Islamic Financial Services is hitting the road this week, with a series of events showcasing the range of financial products it now offers to the Muslim community.
The products — an Islamic current account and mortgage — are designed to meet the banking needs of the UK's two million Muslims, for whom interest is forbidden, and are now available in more than 30 Lloyds TSB branches.

The road shows will take place across the country over the coming months and will provide an opportunity for members of the public to learn more about Islamic banking and the products and services offered by Lloyds TSB Islamic Financial Services. The first event will be held in Ilford1 on Thursday 16 February, with a further 11 events set to take place in areas including Whitechapel, Leicester, Bradford and Birmingham2.

Paul Sherrin, head of Lloyds TSB Islamic Financial Services, said: "These road shows are a real opportunity for people interested in our Islamic Financial Services to learn more about what we offer and to put questions to our panel of experts. Islamic banking is only just beginning in the UK but Lloyds TSB is proud to be playing its part in making these services available to more people across the country.

"We now have more than 30 branches offering Islamic accounts and Islamic mortgages, and we're continuing to expand across the country week by week. With these road shows we want to be able to show people the products and services we are now offering Muslims, but we also want to give people the chance to air their views and ask questions of our panel of experts, so that we can make our Islamic Financial Services even more of a success."

Both the current account and mortgage comply fully with Islamic law (Shariah) which forbids both the payment and receipt of interest, known as Riba. The current account offers no credit interest and has no overdraft facility, but it does provide a debit card3. The funds held by Lloyds TSB on all Islamic current accounts are held in accordance with Islamic law.

Similarly, the mortgage will not be based on interest payments. Instead of lending money for a property purchase, the bank will buy the home outright, contributing up to 90 per cent of the purchase price. The customer will pay the remaining percentage upfront and would repay the outstanding sum over an agreed term, together with a rental payment.

In order to ensure that the current account is fully compliant with Islamic law (Shariah), Lloyds TSB has consulted every step of the way, with an independent board of specialist scholars, who were able to advise on all aspects of Islamic law.