Switch your Islamic Business Account

If you’re looking for a Shariah-approved way to manage funds, you can switch to us in just seven working days.

Features and benefits

  • Get six months free day-to-day business banking¹.
  • Choose between two switching services – the Current Account Switch Service or the Transfer of Payment Arrangement Service.
  • Open an account that doesn’t pay or charge interest.
  • Ensure your money is never used for any non-Shariah approved activities.
  • Keep a minimum balance of just £1 in your account each month2.
  • Access your money instantly, as and when you need it.
  • Make payments using a business debit card.
  • View your account information and make payments online.
  • Make and receive business payments using a cheque book and paying-in book.

We will:

  • Arrange for your old bank to close your previous account and transfer any credit balance to your new Lloyds Bank account
  • Transfer all incoming and outgoing payments within the seven working day guarantee
  • Redirect all payments to and from your old account to your new account for at least three years.

If anything goes wrong with the switch, as soon as we are told we’ll refund any charges you have incurred on your old or new account as a result of a delay caused by us. This does not cover changes resulting from required tasks you or your old bank do not complete.

You can:

  • Tell us which parts of the switch you’d like us to handle and we’ll manager the transfer
  • Specify the payments you would like us to transfer
  • Ask us to transfer any outstanding credit and/or debit balance from your old account
  • Choose whether or not you’d like us to arrange for your old bank to close your previous account.

At the end of your free banking period, you’ll automatically go onto our ‘Business Banking Electronic Tariff’ as long as you keep a minimum balance of £1 in your account each month. If your account falls below £1 in a month you’ll pay our standard ‘Business Banking Extra Tariff’ on all transactions during that charging cycle. Both our Business Banking Electronic Tariff and Business Banking Extra Tariffs are Shariah approved and do not pay credit interest.

To apply for an Islamic Business account, you should:

  • Require the account for business use
  • Be a sole trader, partner or director
  • Be aged 18 or over.

Easy-to-follow figures so you can make comparisons.

Find out more about our rates and charges

Apply now

Apply online

On the phone

0800 022 4389Call telephone number 0800 022 4389

Call us to talk to our business management team. We are available from 9am to 5pm Monday to Friday.

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Important legal information

1 Free day-to-day business banking includes electronic payments, cheques, cash, deposits and withdrawals. All we ask is that you operate your account in credit or within agreed limits. Free electronic payments include Direct Debits, Standing Orders, Debit Card transactions, Lloyds Banking Group/Other Bank ATM Withdrawals and Internet Banking/Phonebank Debits/Credit inc. Bulk Payments.

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.

Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). Please note that due to FSCS and FOS eligibility criteria not all business customers will be covered.

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.

Calls may be monitored or recorded in case we need to check we have carried out your instructions correctly and to help improve our quality of service.