Lloyds TSB brings Islamic banking to Dewsbury

The branch joins several others in Birmingham, Luton and London and is one of five branches that will begin offering the products over the next two months. The lender says its home finance product complies fully with Islamic law which forbids both the payment and receipt of interest, know as Riba. As already established through the pilot scheme the home finance package will not be based on interest payments. Instead the bank will buy the property outright, contributing up to 90% of the purchase price. The customer will pay the remaining percentage upfront and would repay the outstandin...