UK high street bank Lloyds TSB has launched a Shariah-compliant nostro account that enables customers to transfer money around the world in line with Islamic principles prevents any funds being invested in industries – such as alcohol and gambling – that are prohibited under Islam. Lloyds TSB says the account, which is aimed at the…
It’s the fastest-growing sector of the banking industry, yet few City boys know much about it and hardly any finance students are being taught it. But Islamic banking’s mysteries are now beginning to be unveiled and just this last month a business school and an accountancy body have announced new postgraduate programmes specialising in it….
It seems logical: combine two of the fastest growing financial sectors in south and south-east Asia – Islamic banking, and private banking – to create a new niche: private banking for rich Muslims in the region. After all, about 350m believers live in the rapidly expanding economies of India, Indonesia and Malaysia. If only a…
The bank has taken advice from Islamic scholars A new High Street bank account compatible with Islamic sharia law is due to be introduced. The Lloyds TSB account will offer no interest or overdraft facilities, as under Islamic law the receipt and payment of interest is forbidden. The introduction of the account follows the opening…
