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Islamic transfer scheme launched
The Press Association
Lloyds TSB has launched a new bank account that enables Muslims to transfer money around the world without breaking the rules of Islam.
The group claimed its Islamic Nostro Account was the first of its kind to be offered by a mainstream Western bank. When individuals and businesses send money to other countries the funds are passed through a Nostro account.
The Lloyds TSB account is designed to comply with the principles of Shariah law, and it does not pay interest on any money held in the account and does not offer an overdraft facility.
It also guarantees that funds will not be invested in certain industries, such as those involved in alcohol or gambling, which are prohibited under Islam.
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