UK non- residents who require banking services while in the UK can now take advantage of banking services from Islamic Bank of Britain, the UK’s only totally sharia’a compliant British bank.
Islamic Bank of Britain is wholly operated in accordance with Sharia’a principles. It is regulated by the UK regulator (the Financial Services Authority) and meets UK banking regulations and safeguards for the customer.
Islamic Bank of Britain has branches in the UK’s main cities including one on Edgware Road in London as well as a separate exclusive service for high income individuals.
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 matters.
Products
Islamic Bank of Britain’s services include current accounts, savings accounts, and personal finance. During the summer the Bank has plans to launch home finance as well as foreign currency accounts and foreign exchange facilities.
Current Account
The Sharia’a compliant current account allows customer to manage their money without compromising their principles.
Funds can be withdrawn through branches of Islamic Bank of Britain, through any ATM displaying the Cirrus or MasterCard logo and via direct account transfer to another bank account. The Debit Card is Chip ‘n PIN enabled and operates at all retailers in the UK and abroad that accept MasterCard
Savings Accounts
Three types of savings accounts are available from Islamic Bank of Britain, all based on Sharia’a principles.
They do not offer interest on savers’ funds; instead Islamic Bank of Britain trades in Sharia’a compliant investments and shares the profits with its savers.
The Bank provides complete transparency with bank charges and, while the investment methods are strictly in keeping with Sharia’a, it makes every effort to ensure that the profit rates paid on all its savings accounts are market competitive.
Savings Account
The Savings Account requires a minimum balance of just £1 and customers can make withdrawals with no notice required, without penalty.
Profits are calculated and paid on the last working day of every month.
Term Deposit Savings Account
This Account offers customers higher profit rates if they can tie up their savings for a minimum term. This requires a minimum deposit of £5,000, and the terms available are one, three or six months.
Profit is paid at the maturity of the term deposit.
Treasury Deposit Account
The Treasury Deposit Account offers flexible options and greater profit rates for customers who have £100,000 or more to deposit for an agreed term of one, three, six months or 12 months.
Through a commodity transaction arranged through Islamic Bank of Britain, customers can invest their money for an agreed period and for an agreed profit rate.
For more information on Islamic Bank of Britain please contact Islamic Bank of Britain 77-79 Edgware Road, London.W2 2HZ or visit www.islamic-bank.com.
High Income private clients can call Director of Private clients on 07917 260634 or 0207 324 2015.