Financial Highlights
- Profit receivable from Murabaha and Wakala transactions increase to £683,898 (year ended 31st July 2004 £491,211)
- Loss on ordinary activities before tax £3,107,370 (year ended 31st July 2004 £2,685,949)
- Loss per ordinary share 0.9p (year ended 31st July 2004 1.0p)
Operational Highlights
Authorisation from Financial Services Authority (FSA) in August 2004 to operate as a bank
Opening of first branch on Edgware Road in London in September 2004
Launch of first products including savings accounts
Abdul Rahman Abdul Malik, Chairman, said “The period is one during which we significantly increased our investment in building the bank following authorisation from the Financial Services Authority in August 2004.
“Inevitably, this resulted in a sharp increase in our cost base which has been a necessary step in order to expand our operating capability beyond the initial branch opening in Edgware Road London in September 2004.
“We now have further branches operating in both Birmingham and Leicester and have recently expanded our distribution capability with a Direct Banking service. Our product set has also been expanded and more is to follow this year.”