Directorate Change
Islamic Bank of Britain Plc
29 September 2005
Islamic Bank of Britain PLC
Islamic Bank of Britain Announces Changes to Board of Directors
Islamic Bank of Britain plc (the 'Company'), the UK's only totally Islamic
British bank, is pleased to announce the appointments of Mohsen Tawfik Moustafa
and Abdulaziz Al-Khulaifi as Non-Executive Directors, effective as of 28
September 2005.
Mr Moustafa (56) joins Islamic Bank of Britain's Board of Directors from the
Qatar International Islamic Bank where he currently holds the position of deputy
general manager and is responsible, together with the general manager, for
directing all of the bank's activities.
Mr Al-Khulaifi (48) was previously the assistant undersecretary at Qatar's
Ministry of Economy and Commerce and retired from that position last year.
Whilst at the Ministry, Mr Al-Khulaifi was responsible for, among other things,
proposing the objectives and instruments of Qatar's overall economic and
commercial policies. Prior to becoming assistant undersecretary at the Ministry
of Economy and Commerce and until 2001, Mr Al-Khulaifi was a director in Qatar's
Department of Commerce at the Ministry of Finance, Economy and Commerce.
The Company also announces the resignation of Mr Adnan Yousif as Non-Executive
Director, effective as of 30 September 2005. The Board wishes to thank Mr Yousif
for his contribution and efforts to the growth and progress of the Company.
Mr David Gates will become a Non-Executive Director, effective 1 October 2005.
Matters required under Schedule 2(g) of the AIM Rules in respect of the
appointment of directors:
Mr Moustafa does not currently hold any other directorships or partnerships.
Prior to joining Qatar International Islamic Bank and until 1999, he was a
vice-president and manager at the Union Bank of California.
Mr Al-Khulaifi is currently a director of the following three companies:
Gulf Projects and Services Limited, Al Ahli Hospital Company and Qatar
Islamic Insurance Company. During the last five years, Mr Al-Khulaifi was
also a director of Qatar Petrochemical Company (until 2004), and Qatar
Industrial Manufacturing Company (until 2004) and Qatar National Cement
Company (until 2005).
Apart from those set out above, there are no other directorships or partnerships
that either Mr Moustafa or Mr Al-Khulaifi have held during the past five years
and there are no other matters to be disclosed under Schedule 2(g) (iii) -
(viii) of the AIM Rules.
For more information on Islamic Bank of Britain products and direct banking
service call 0845 6060 786 or visit www.islamic-bank.com.
• 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.
• Islamic Bank of Britain is a UK registered company which started trading
on the Alternative Investment Market (AIM) on 12 October 2004.
• As an independent bank, Islamic Bank of Britain 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.
Contacts:
Michael Hanlon Islamic Bank of Britain 0121 452 7310
Gerald Beaney Grant Thornton UK LLP 020 7383 5100