Islamic Business Bank Account
Your account information at your fingertips.
Looking after your banking in line with your beliefs.
Opening an Islamic Business Account gives you the confidence that you can manage your banking in a Shariah approved way, while getting the advantages you would expect from Lloyds TSB.
Shariah approved money management
Interest Free
Up to 18 months free day-to-day banking
You can apply for an Islamic Business Account online, by phone or at your local branch.
Your Shariah approved account
We understand that you want an account that does not pay or charge interest. That’s why all deposits into your Islamic Business Account are maintained in a Shariah approved way. We don’t earn any interest on your credit balances. And the money you keep with us isn’t used for any interest-based or non-Shariah approved business activities.
All we ask is that you keep a minimum balance of £1 in your account each month. If your account balance falls below the required minimum balance at anytime then you’ll pay our standard Business Extra Tariff on all transactions you make during that charging cycle. Our charging cycle runs from the 10th of one month to the 9th of the following month.
We don’t offer an overdraft on this account so if you inadvertently carry out a transaction that would take your account below £0, we will return any items we can to prevent this from happening, for example cheques. However it is not possible to return some items. Many electronic payments are sent and received instantly and cannot be recalled.
Find out more about our Islamic Business Account charges.
You’ll also benefit from the flexible way we handle your day-to-day banking needs:
- Immediate access to your money
- Make payments by Business Debit Card
- Access to a range of online banking products, which enable you to view account information and make payments online
- Cheque book and paying-in book.
The Lloyds TSB Shariah Committee
Of course, you like to know who you’re doing business with. So here is an introduction to the Lloyds TSB Shariah Committee who worked with us to create the Islamic Business Account. They are internationally recognised for their knowledge and expertise in Islamic finance.
Sheikh Nizam Yaquby is a member of the Shariah Committee for several Islamic financial institutions. He has received an MSc in Finance (Canada) and is based in Bahrain. He has been a Professor of Tafsir, Hadith and Fiqh in Bahrain since 1976 and is the author of several articles and publications on Islamic finance in English and Arabic.
Dr Muhammed Imran Ashraf Usmani holds a PhD in Islamic Finance. He has also obtained degrees in Islamic Jurisprudence from Karachi. Dr Usmani is a faculty member of the Jamia Darul Uloom, Karachi and Institute of Business Administration (IBA), Karachi as well as the author of various books on Shariah.
Mufti Abdul Kadir Barkatulla is the Imam at the North London Finchley Mosque. He acquired a Mufti (diploma) in Islamic law and Fazil (Bachelor of Islamic studies) from the Islamic University, India. He also works as a supervisor at the Islamic helpline for Fatwa and as a TV presenter at Vectone Urdu.
Muhammad Nurullah Shikder is a Barrister-at-Law and has been the Imam at the Tunbridge Wells Mosque. He received a LLB degree from London Guildhall University. He advises individuals and businesses on Islamic finance and currently resides in Dubai.
Introductory offers
We have two special offers for our new customers.
- 18 months free day-to-day banking for new businesses.
- 6 months free day-to-day banking for business owners who move their existing business account to us from another bank.
How do I apply for an Islamic business account?
You can apply for an Islamic Business Account online, by phone or at your local branch.
