At Islamic Bank of Britain we fully appreciate the hard work, community leadership and commitment to improve society made by all Masjid (mosque) leaders, community and charity workers in the UK. As a result, we have decided as a bank to launch our business services with an account that caters solely to the needs of these institutions.
This account has the reassurance that your institution’s money is not being invested into activities that contravene Islamic teaching or compromise your beliefs or ethics. We use your funds only for Sharia compliant financing and related activities and do not invest, for example, in alcohol or tobacco.
For this reason, we also welcome non-Muslim charities, interested in depositing their funds with us, who can be sure that their funds are invested in an ethical and responsible manner.
Islamic principles means that we do not offer you interest on your funds, instead, we generate income from Sharia compliant activities and share those with you.
The arrangement on which this account is founded is known as a Mudaraba. This account has been reviewed and approved by our Sharia Supervisory Committee
Our Masjid and Charities Account is available through our branch network, postal banking, telephone banking and through internet banking.
Please read our leaflet Banking for Masjids and Madrasahs
- Our Masjid and Charities Account statements are quarterly. However, profit are paid on the last day of each month, when the profit calculation takes place. Profits are based on the daily closing balance you maintained in the account during that month.
- No notice required to make withdrawals from the Savings Account.
- No limit to the number of withdrawals you can make in any month – subject to there being sufficient funds in your account.
- Minimum deposit of £1 required to open an account.
- Profits are calculated and paid on the last working day of every month, based on the daily closing balance you maintained in your account for that month.
- To find out more about the Profit Sharing Ratio click here
- Deposits may be made by cash at our branches, by cheque or by direct account transfer.
- This account is approved by our Sharia'a Supervisory Committee to comply with Sharia'a principles.
- Your money is invested ethically. We use your funds only in Sharia'a compliant activities and do not invest, for example, in alcohol or tobacco companies.
Ways to request more information or to apply:
If you are an Imam, a community leader or charity worker and would like more information, here's how you can contact us :
By Phone: If you would like more information please ring our customer Services Team on 0845 6060 786 (Mon - Fri 9am - 7pm, Sat, 9am - 1pm)
Face to Face: Visit one of our branches
Online: Click here for details of How to Apply