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Lloyds Tsb - Islamic accounts


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Islamic accounts

 

We ensure that all of our Islamic accounts comply with Shariah and we typically do not provide Planned Overdrafts to Islamic account holders. Where you do not have enough available funds to make a payment, we will not usually agree to provide an Unplanned Overdraft either and the returned item fee will apply.

 

In some instances, where we do agree to cover that payment by giving you an Unplanned Overdraft you will incur a management fee for us providing and managing this (but you will not be charged interest). This monthly management fee will be £15 and will apply if you have or make use of an Unplanned Overdraft at any time during a monthly billing period.

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Do non Islamic account holders get charged interest?

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If non Islamic account are in excess of their overdraft they are charged interest on that amount. I don't understand the intricacies of Shariah Law but you are not allowed to gain interest on Shariah Law(Islamic) accounts so I am assuming that the reverse is applicable.

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FSA Waiver on Bank Charges:http://www.fsa.gov.uk/pages/Doing/Regulated/Notify/Waiver/pdf/dir_quart_0709.pdf

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