Islamic Business Account
Opening an Islamic Business Account gives you the confidence that you can manage your banking in a Shariah approved way, while getting the advantages you would expect from Lloyds Bank.
- Shariah approved money management.
- Interest Free.
- 18 months free* day-to-day banking.
You can apply for an Islamic Business Account online, by phone or at your local branch.
Call us on 0800 022 4389 (open 8am to 8pm Monday to Friday and 9am to 1pm Saturday).
At your local branch
Drop in to your local branch to complete an application form.
*Free day-to-day business banking includes cheques, standing orders, cash, UK Sterling Direct Debits, deposits and withdrawals. All we ask is that you operate your account in credit or within agreed limits and don’t go overdrawn without agreeing it with us first. See the Business Extra Tariff on our Rates and Charges page for information on the charges that apply to CHAPS transfers.
Your Shariah approved account
We understand that you want an account that does not pay or charge interest. That’s why all deposits into your Islamic Business Account are maintained in a Shariah approved way. We don’t earn any interest on your credit balances. And the money you keep with us isn’t used for any interest-based or non-Shariah approved business activities.
All we ask is that you keep a minimum balance of £1 in your account each month. 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.
We don’t offer an overdraft on this account so if you inadvertently carry out a transaction that would take your account below £0, we will return any items we can to prevent this from happening, for example cheques. However it is not possible to return some items*. Many electronic payments are sent and received instantly and cannot be recalled.
Find out more about our Islamic Business Account charges.
You’ll also benefit from the flexible way we handle your day-to-day banking needs:
- Immediate access to your money
- Make payments by Business Debit Card
- Access to a range of online banking products, which enable you to view account information and make payments online
- Cheque book and paying-in book.
The Lloyds Bank Shariah Committee
Of course, you like to know who you’re doing business with. So here is an introduction to the Lloyds Bank Shariah Committee who worked with us to create the Islamic Business Account. They are internationally recognised for their knowledge and expertise in Islamic finance.
Sheikh Nizam Yaquby is 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 a LLB degree from London Guildhall University. He advises individuals and businesses on Islamic finance and currently resides in Dubai.
* If the account balance does fall 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.
How to apply
By completing this form you are applying for a Islamic Business Current Account. To register for Internet Banking for an existing Business Current Account please use our registration form.
To apply online for a Islamic Business Current Account from Lloyds Bank you will need to confirm the following:
- You are a sole trader, partner, or director
- You are aged 18 or over
- You require the account for business use
Before you apply
Before you apply you will need to have the following information available:
- Contact details for you and your business
- Personal details of your partners/directors if applicable
Before you apply for this account, please view the terms and conditions.
Open a business account online now
Your online application will take about ten minutes to complete; after we have received your application you will be contacted by a member of your local business team who will discuss your application with you in more detail.
If you do not hold a personal account with Lloyds Bank you will need to provide proof of identity and evidence of your address. This applies to all account parties.
Apply by phone now for a business bank account
Call us on 0800 022 4389 (open 8am to 8pm Monday to Friday and 9am to 1pm Saturday) to discuss your application with one of our advisors.
Request further information about business bank accounts
If you would like more information before you apply please complete our request for further information form.