Islamic Bank of Britain has launched a unique new account for Masjids and Madrasahs, providing them with free Sharia’a compliant banking that allows them to earn profit on their funds for the first time in UK history.
Islamic law states that interest is forbidden and that wealth can only be generated through legitimate trade and creation of assets, which means that until now British Masjids and Madrasahs have had difficulty using banking products and services. However, Islamic Bank of Britain structures its products and services differently to conventional banks and all are founded on Islamic financial principles.
Islamic Bank of Britain is now offering Masjids and Madrasahs a real choice. For the first time they can place their funds in Sharia’a compliant current and savings accounts, and earn Halal profit which can be ploughed back into their work with the community.
Islamic Bank of Britain’s Masjid and Madrasah package includes a Halal current account, savings accounts, finance facilities, a free cash reserve of £1000 and support from a relationship manager who understands the specific needs of these organisations.
Comments Mr Abdul Hadi al-Omri, the senior Imam at Birmingham Green Lane Mosque, which has just started using the Islamic Bank of Britain Masjid package: “We are very happy that we can now bank our funds in a way which is Sharia’a compliant and recommend that our congregation follow our lead. We hope that the Bank will continue to grow and offer more facilities to the UK Muslim population.”