Leaders of East Midlands mosques gathered at a Leicester Maddrassah in Overton Road this week for a major conference on Islamic finance, which was held by Islamic Bank of Britain, the only totally Islamic British bank.
The conference brought the local Muslim community up to date with the most recent developments in UK Islamic finance. Nearly 100 key officials from the East Midlands community attended the invitation only event which was held in association with the Dar Ul Arqam Trust, a local charity. Hearing Mufti Khalid Saifullah Rehmani, a leading Islamic scholar from India, speak about the importance of using ‘halal’ financial services and Islamic Bank of Britain talk about the wide range of services that are now available in the UK, there was an overwhelming response from the audience and attendees called for more similar events to be held in future.
Farrukh Raza, Islamic Bank of Britain marketing manager, a speaker at the event explains:
“Islamic finance is a relatively new concept in the UK yet is considered to be the fastest growing sector of the financial market. It is, therefore, not surprising that many members of the Muslim community are finding it difficult to keep up to date with what is a constantly changing offer. As experts in our field, we have been instrumental in developing Islamic finance in the UK, working with the authorities to smooth the way for a wide range of Sharia’a compliant retail banking products and services which are on a level playing field with other conventional banking products. Many recent changes could bring huge financial benefits to not for profit organisations, including mosques, as well as individuals, and this conference gave us an opportunity to make people aware of how they can benefit.”
Islamic Bank of Britain is regulated by the FSA and meets UK banking regulations and safeguards for the customer.
Islamic Bank of Britain currently has a growing customer base partly driven by its five branches, including London Road Leicester, Birmingham and London. A further two branches are planned to open before the end of 2005 with more due in 2006. Customers outside of the branch areas can use the bank’s Direct Banking Services (through the bank’s UK based Customer Service Centre). An internet banking service is planned for launch at the beginning of 2006.
Islamic Bank of Britain makes every effort to ensure that it does not compromise Islamic principles and all products and services are overseen and approved by a Sharia’a Supervisory Committee. The Committee is comprised of world- renowned experts in the interpretation of Islamic principles and their applications within modern-day financial institutions.
For more information on Islamic Bank of Britain products and direct banking service call 0845 6060 786 or visit www.islamic-bank.com.