UK businesses can now take advantage of ‘Halal’ financial products and services from a British bank for the first time. This follows the launch of a new business proposition by Islamic Bank of Britain, the only totally Islamic British bank, one year on from its first branch opening on 21 September 2004.
Islamic Bank of Britain aims to cater for all UK businesses, including Ltd, PLC and LLP companies. However it has developed elements of its offer in order to specifically cater for the needs of self employed and small businesses as it says this is a sector which is currently underserved by UK banks.
Michael Hanlon, managing director of Islamic Bank of Britain explains: “Small businesses accounted for 99 per cent of the UK’s 4 million businesses at the beginning of 2003 and it is a growing market. Yet, although the ratio of Muslims in this sector is more than three times higher than the national average, up until now there has been no UK banking option open to them which offers a choice which is both financially and spiritually acceptable.”
The Business Banking proposition, from Islamic Bank of Britain, will consist of a wide range of products and services including savings accounts, unsecured finance, current accounts (with an overdraft facility, and secured finance available in the near future). As well as being competitive with other high street banks, Islamic Bank of Britain will offer a high quality of service and an in-depth understanding of the financial challenges facing its Muslim customers. Many features of business accounts will be offered free of charge to new customers for the first 18 months.
Michael Hanlon continues; “Research by the Banking Liaison Group shows that the vast majority of UK businesses still bank with the big four high street banks in spite of the fact that many customers could make savings by switching to other banks. We will be offering a real alternative through our personal approach, competitive rates and high levels of service which means that customers won’t be forced to compromise their religious beliefs in order to satisfy their financial requirements.”
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 five branches in London, Birmingham and Leicester with a further two branches planned to open before the end of 2005. 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.