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Friday, 21 September 2007

Lloyds TSB 'focussed' on Islamic finance

Lloyds TSB has outlined its commitment to Islamic finance in the UK.The government has taken steps to promote finances that comply with Sharia law, such as the abolition of double stamp duty, Lloyds TSB said.And with Muslims providing a spending power in excess of £20.5 billion in the UK, according to JWT Finance, the bank is keen on catering for the market.A spokesperson for the bank claimed it has one of the biggest ranges on the high street for Islamic financial products, ranging from current accounts and student accounts to investment funds and mortgages."Our focus is on making sure that Muslims in this country, whether they are individual customers or businesses, can manage their money according to their faith."Under Sharia law, it is not permitted to charge interest, nor is it allowed to invest in products such as alcohol, gambling, cigarettes or pornography. - (MN, 20 Sep 07)

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