Islamic Bank of Britain, the first and only totally Islamic British bank to operate in the UK, will be opening its seventh branch, in Manchester, in December.
The branch will be at 601 Stockport Road, Longsight, Manchester and, although recruitment is well underway, there is still a vacancy for an experienced Branch Manager. For more information on vacancies please visit the Bank’s website www.islamic-bank.com.
The Bank currently offers its customers savings accounts, current accounts, finance facilities, foreign currency, organizational accounts and business banking services.
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.
Sharia’a Compliant Banking – Background
Under Islamic principles:
- All money must be invested in purely ethical industries – so IBB will not invest in businesses dealing with tobacco, alcohol, pornography etc.
- The giving or receiving of interest is forbidden.
- Money cannot be simply traded for money.
- Money can be used to buy goods or services, which can then be sold for a profit.
To ensure that the Bank is operating in a wholly Sharia’a compliant way, a group of Independent Islamic Scholars act as the IBB 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 also offers telephone and postal banking and can be contacted on
0845 6060 786 or www.islamic-bank.com. Online banking services will be introduced very soon.