Who are the key people in the bank/their backgrounds?
The Board of Directors of Islamic Bank of Britan is represented principally by a group of senior bankers from both the Gulf and UK. All Board appointments are approved by the Financial Services Authority.
How many customers do you expect to get in the UK in 2004?
We are always cautious about releasing details of planned growth figures. But what we can say is that we have quite ambitious growth plans for the short/medium term and within 5 years we expect to establish a strong market share of business from the Muslim community in particular.
From which sections of the Muslim community in the UK do you expect to get your customers?
Our proposition is one that should appeal to all branches of the Muslim community, but we do not believe our customers will be exclusively drawn from the Muslim community. Our policy of ethical investment means that we hope and expect to attract a wider range of customers, based on the values within our business and attractiveness of the proposition.
What has been the response to the bank from key opinion formers and groups in the Muslim community – for example, the Muslim Council of Britain?
They have been extremely supportive. They are keen to see the establishment of an Islamic banking solution in the Western World, to meet the needs of a growing Muslim population.
How can you survive in such a competitive marketplace?
We can and will survive, as we provide a competitive offering and are targeted towards key communities. Islamic Bank of Britain is the UK’s first stand-alone, Sharia’a compliant, retail bank. All our accounts and services are founded on a mutually-agreed division of shared profit, based on trading.
As a stand-alone bank, we make every effort to ensure that we do not compromise the principles of the Islamic faith by mixing our funds with interest bearing funds. We fund all our operations on a Sharia'a compliant basis.
When will you be opening branches and where?
We plan to open branches throughout the UK. We have a number of branches in selected areas of the country, London, Birmingham and Leicester. We plan to open further branches in Manchester, Leeds, Bradford and Glasgow.
What banking products do you offer and what products and services do you have planned?
There are a number of products and services being offered, which include a Savings Account, a Current Account as well as a Personal Finance Facility. A charge card and mortgage product are planned for release by the end of 2005.
How will you work with and support Muslim communities in the UK?
We believe it is important that we contribute to the community beyond the commercial activity we undertake. This area of social responsibility is something that we shall be developing alongside the growth of our business. We see it as an area where our branch managers in particular will play a prominent role.
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