Islamic Bank of Britain continues success story with new branch in East Ham
The British bank that has pioneered Islamic Banking in the UK, Islamic Bank of Britain is continuing its growth with the opening of its eighth branch in East Ham on Tuesday November 14.
Islamic Bank of Britain is authorised and regulated by the FSA and meets UK banking regulations and safeguards for the customer. All products offered by the bank are fully approved by the Bank’s Sharia’a Supervisory Committee.
The new East Ham branch located in High Street North and employing 10 people, will be officially opened for business by East Ham MP and Chief Secretary to the Treasury, Stephen Timms.
It will be located in High Street North and marks the first time that those living in the East Ham area will have branch banking facilities from a British bank which is wholly operated in accordance with Sharia’a principles.
Michael Hanlon, managing director, comments: “I am delighted that we will soon be opening our East Ham branch. It marks another important development in the history of the bank, which has already been responsible for a series of key Islamic banking developments in the UK.
“Since 2004 when the FSA gave us permission to launch, we have grown to become a leading provider of Islamic financial services in the UK and in a worldwide poll in 2005 were voted Best New Islamic Bank and Best Provider of Islamic Financial Services in Europe. We now offer a wide range of products including current accounts, savings accounts, term deposits, treasury deposits, unsecured personal finance and home finance as well as a wide range of institutional and business banking products and services, including commercial finance. Whilst we offer products and services that are designed in accordance with the Muslim faith, we are an inclusive bank and welcome customers of all faiths.”
Momin Mahmood, the new branch manager will be the manager of the new branch. He joins Islamic Bank of Britain from Barclays Bank, where he also held branch manager positions. Momin comments: “I am proud to be a part of Islamic Bank of Britain and offering those living in the London Borough of Newham branch banking facilities from a British bank which is wholly operated in accordance with Sharia’a principles. From a personal point of view, it is an important move for me as it marks the first time that I have been able to work in line with my faith.”
Islamic Bank of Britain has three other branches in London in Whitechapel, Southall and Edgware Road, along with two Birmingham branches in Alum Rock and Small Heath and other branches in Leicester and Manchester.