Islamic Bank of Britain, the only totally Islamic bank to operate in the UK, has been voted ‘Best New Islamic Bank’ in a worldwide poll of non-banking, finance industry professionals.
The survey, which is the first to canvas the views of professionals working in this fast growing global Islamic finance market, was carried out by Islamic Finance News, a leading industry sector on-line newsletter. Votes were received from a wide range of professionals, including Islamic corporate issuers, Government bodies and financial intermediaries. To ensure the results were completely impartial, professionals working directly for Islamic banks were banned from taking part in the poll.
Islamic Bank of Britain came top of its category, edging out competition from thirty four other banks, including Emirates Islamic Bank, Arab Islamic Bank and Abu Dhabi Islamic Bank.
Michael Hanlon, managing director of Islamic Bank of Britain, says:
“Although we are the only totally Islamic bank to operate in Britain, there are around 200 Islamic financial institutions throughout the world, making competition intense. We are delighted that this poll shows Islamic Bank of Britain to be regarded so highly by its industry peers”.
Ashraf Piranie, Executive Director of the bank added: “This is a testament to our professional approach and commitment and I believe that it is these qualities which mean our customers are forming the same high opinion of us.”
Islamic Bank of Britain launched at the end of 2004, marking the first time that Britain’s 1.8 million Muslims had access to banking facilities from a British bank wholly operated in accordance with Islamic Sharia’a principles. Since its launch the Bank has pioneered Islamic retail banking in the UK, opened branches in London, Birmingham, Leicester and Manchester and launched a wide range of products, some of which, including unsecured personal finance and deposit accounts, remain unique in the UK. Internet banking and home finance are due to be launched in 2006.