Islamic Bank of Britain, the only totally Islamic British bank to operate in the UK, officially opened the doors of its fifth branch in the UK on Whitechapel Road on Tuesday 5th July 2005.
The branch, which employs nine people, was officially opened for business by Stephen Timms, Minister of State at the Department for Work and Pensions and Michael Hanlon, managing director of Islamic Bank of Britain.
The branch marks the first time that Tower Hamlet’s 71,000 Muslims1 will have access to banking facilities from a British bank which is wholly operated in accordance with Sharia’a principles.
Michael Hanlon, managing director, comments: “I am delighted we are now able to offer people in the area the opportunity to use our products and services with the opening of our Whitechapel branch.
“We have ambitious plans for Islamic Bank of Britain and I see Whitechapel playing an important role in our development and success.”
Islamic Bank of Britain offers its customers current accounts, savings accounts, a personal finance facility, foreign currency and business banking services. Mortgages will become available later in the year.
Islamic Bank of Britain has existing branches in London, Birmingham and Leicester. Following the opening of the Whitechapel Branch, a further two are planned for 2005.