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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.
Our Masjid and Charities Account finally allows Masjids,
Muslim community organisations and charities in the UK to deposit their funds in
a bank, and make a profit from these funds.
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’a compliant
financing and related activies 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’a 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’a 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
Profit Sharing Ratio click here
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.
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
:
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