Our Islamic Business Account allows you to bank in accordance with Shariah law. It is a completely interest-free way to manage your funds and was created by the Islamic finance experts in our Lloyds Bank Shariah Committee.
Two months before your free banking period ends – if you have a start-up account or switcher account – we’ll ask you to confirm if the tariff that you chose when opening the account still suits your business. If we don’t hear from you, you’ll be automatically placed on the tariff you chose when you opened your account.
If you’re just starting out, our Islamic Business Account comes with ongoing support. This includes:
The Shariah Committee members who helped create the Islamic Business Account are internationally recognised for their knowledge and expertise in Islamic finance. They are:
Sheikh Nizam Yaquby 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.
Muhammad Nurullah Shikder is a Barrister-at-Law and has been the Imam at the Tunbridge Wells Mosque. He received an LLB degree from London Guildhall University. He advises individuals and businesses on Islamic finance and currently resides in Dubai.
To apply for an Islamic Business Account you should:
Ensure you understand the small print. For full details of our terms and conditions please view documents below.
0800 022 4389
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1 Free business banking includes cheques, standing orders, cash, direct debits, deposits and withdrawals – all we ask is that you operate your account in credit or within agreed limits.
2 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. If the account balance falls below £0, an unauthorised borrowing fee will be charged. We also charge a fee for any items we return to help prevent the account balance from falling below £0, although we will never charge interest on top of this fee.
Lloyds Bank plc is covered by the Financial Services Compensation Scheme and the Financial Ombudsman Service. (Please note that due to the schemes’ eligibility criteria not all Lloyds Bank business customers will be covered by these schemes).
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.
Lloyds Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065. Telephone: 020 7626 1500.
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