Whitechapel branch opened
Islamic Bank of Britain Plc
05 July 2005
ISLAMIC BANK OF BRITAIN PLC (the 'Company')
5 July 2005
Islamic Bank of Britain opens Whitechapel branch
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 Muslims (National
Census 2001) 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 five are
planned for 2005.
Islamic Bank of Britain is a UK registered company which started trading on the
Alternative Investment Market (AIM) on 12 October 2004.
The Bank is not part of a larger conventional banking group so does not
compromise on its principles or practices and does not mix its funds in such a
way as to compromise Sharia'a.
A group of Islamic Scholars act as Islamic Bank of Britain's Sharia'a
supervisory committee and all services, activities and investments must be
approved by this Committee. The Committee will also undertake regular audits to
ensure that all activity is compliant with Sharia'a.
For further information please contact Alison Love on
0121 713 3782 or McCann Erickson on 0121 713 3500 or Dawn Walker on 0121 713