Lloyds TSB: Islamic finance is a "hugely growing area" by Finance News Bulletin

Published: 16/12/07

Bankruptcy is "becoming more and more palatable" to those in serious debt, according to Thomas CharlesThree-quarters of populace in the UK do not appreciate how a one per cent difference in mortgage rates would have an effect on their loan, according to new researchThe Islamic finance sector has been described as an region of massive growth by a financial supplierAccording to Lloyd's TSB, five of its branches were contribution Islamic-based products to Muslims five years ago, whereas now they are available in over 2,000

Islamic finance is based on Sharia rule, where interest is forbidden and wealth made through legitimate income onlyAnd mirroring this add to is the Islamic mortgage market, which Datamonitor announced in 2005 was set to see 47 per cent growth by 2009 - pushing its value to £14 billion"So we now offer a current account, a mortgage, a scholar account, an investment fund and a commerce and corporate account

"According to British Embassy statistics, there are currently 16 million Muslim populace who

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