Financial Summary
- Income receivable from Murabaha and Wakala transactions increase to £1,178,740 (five months to 31st December 2004 £683,898)
- Loss on ordinary activities before tax of £2,732,413 (five months to 31st December 2004 £3,107,370)
- Loss per ordinary share 0.7p (five months to 31st December 2004 0.9p)
Operational Summary
- Customer deposits increased to £33.9m (as at 31st December 2004, £2.1m) inclusive of £14m deposit from major IBB shareholder
- Strengthening customer recruitment profile
- Current customer base of 5,962
- Total of 10,511 accounts opened
- Since period end a further 40% increase in customer numbers
- Continued new product development with introduction of Islamic current accounts, debit cards and consumer financing facilities
- Expanded distribution channels with opening of three new branches (Small Heath Birmingham, London Road Leicester and Southall London) and introduction of a direct banking service. Since period end a branch has opened in Whitechapel Road, London and branches in Birmingham and Manchester are planned for the second half of the year
Abdul Rahman Abdul Malik, Chairman, commented: “I am pleased to announce our results for the six months to 30th June 2005, which demonstrate continued steady improvement in both our financial and operational performance. During the period, we have made considerable progress with our product development and in the building of our delivery channel capabilities, with a corresponding impact on customer recruitment numbers.
“Our focus in the second half of the year is to further enhance our distribution network with new branch openings and, subject to FSA approval, launch our home finance product. 2006 will also herald the inception of our online banking service.”