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Lloyds TSB has become the first UK bank to launch a student account specifically for Muslim undergraduates. According to a report in The Guardian, the account adheres to Islamic shariah law, which says that no interest can be paid or received on money and bans investment in certain industries such as alcohol or gambling.
Paul Sherrin, head of Islamic Financial Services at Lloyds TSB, said: This student account is the first to be designed with Muslims in mind. Britains two million-strong Muslim community is as young as it is fast-growing, with more than half under the age of 25, and many of these are studying. Until today, young Muslim students had no choice but to go against their beliefs by opening traditional bank accounts.
In accordance with these rules, money held in the accounts will be kept separate from other funds in the bank, which may be invested in unsuitable areas, and the account will not pay interest on credit balances, paid at 0.1% on standard student accounts, or charge interest on debit balances.
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HISTORY
This is the only faculty that offers courses in humanities. It consists of a Department of Islamic Studies, Centre for Federal Studies and Centre for History of Medicine and Science.
SALIENT FEATURES
Research courses leading to the award of PhD degree are offered, besides a masters programme in Islamic studies.
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