Meeting a need
It was our non-executive directors in the Middle East who discussed the idea to create the UK’s first stand-alone Islamic bank, in early 2002.
Accordingly, in July of that year, we formed a company, Islamic House of Britain. We appointed consultants and advisors who carried out an initial feasibility study and confirmed that such a bank was both needed, and welcomed by the UK’s banking regulator, the Financial Services Authority (FSA).
We invited key potential investors in the Gulf, who put together a Private Placement document, enabling us to raise £14 million in start-up capital, which we had in place by the first quarter of 2003.
In April 2003 we recruited our first Managing Director, Michael Hanlon.
Our previous Chairman, Abdul Rahman Abdul Malik, gave us his total support and backing, as well as access to the resources and personnel of his former bank, Abu Dhabi Islamic Bank.
In October 2003, we put together a draft business plan and submitted our formal application to the FSA which has collaborated with us closely and encouraged us throughout this process.
As a result, in August 2004 the FSA granted us authorisation and Islamic Bank of Britain came into being.
Our shareholders are currently made up of certain leading Islamic Banks and other institutions from the Middle East, in addition to some individual investors, all of whom share our passion to create this bank. These individuals include some of the most senior members of dedicated Islamic Banks and finance companies in UK, Qatar, Abu Dhabi, Bahrain and Saudi Arabia.
Our shares will be made available to all interested individuals. We believe firmly that we are creating an inclusive bank that reflects a more inclusive society, and welcome share applications from Muslims and non-Muslims alike.
We believe that creating this bank – a commercial entity based firmly on the values in Islam – will meet the financial needs of British Muslims. |
