In August 2004 the Financial Services Authority, the regulator for the financial services industry in the UK, agreed to provide a banking licence to a small British company called “Islamic House of Britain”, which had spent the previous two years setting up the infrastructure to become the UK’s first Sharia’a compliant bank. This marked the launch of the first Islamic Bank in the western world.
In September 2004, Islamic Bank of Britain opened the doors of its first branch. Situated on the bustling Edgware Road in central London, this newcomer was a breath of fresh air – multi-lingual staff, bold designs and products founded on Sharia’a principles. The buzz of media attention, coupled with a targeted advertising campaign, gave the business an immediate boost.
Islamic Bank of Britain is now celebrating its third year of success. The Bank has grown to eight branches across the UK and is offering comprehensive telephone and online banking services around the clock. IBB has met the public expectations and established a reputation for pioneering achievements in the UK banking industry:
- first to offer Halal Current and Savings accounts;
- first to offer Halal Personal financing;
- first to offer Halal Business banking;
- first to offer bank accounts specifically designed for Masjids (Mosques) and
- first to offer Halal Commercial Property Finance using shared-ownership principles.
The Bank has also sponsored the “Muslim Power 100” initiative, which recognises the contribution Muslims have made to the social, economic and cultural well-being of modern Britain.
Sultan Choudhury, Commercial Director at IBB, commented: “The Muslim community in Britain contributes over £31 billion pounds* to the British economy each year. This illustrates that Muslims are enjoying the opportunities for success available in modern Britain. IBB is here to help the community continue to achieve in the world of business in harmony with the ethical principles of Islamic Finance”.
Today, Islamic Bank of Britain is a well-established brand in the UK and is seen as a model for those wishing to establish Islamic banks in other Western countries. A new milestone – 40,000 customers – was reached. The bank is still unrivalled as the only Islamic Bank on the UK’s high streets.
The success of IBB is equally shared by the customers who have grown with the Bank. Birmingham-based Mr. Shabir Nawab an accountant by profession, has been a customer of IBB since the inception of the Bank. He says: “IBB has taken care of my banking requirements in the last three years. With Islamic Bank of Britain I have the peace of mind that my money is invested ethically in line with my religious beliefs. IBB has always provided me with personalised services and is always there for me.”
To start a banking relationship with Islamic Bank of Britain please visit the website www.islamic-bank.com, call 0845 6060786 or visit any of the eight branches.
*Source – Institute of Asian Professionals.#
To help Islamic Bank of Britain celebrate three successful years of service to the British public, we would like to invite you to attend an Iftar dinner hosted by one of our local Managers. This will be an opportunity to network with local entrepreneurs, meet our staff and take photographs for publication. If you would like to attend, please contact Junaid Bhatti on 0121 452 7377.
About Islamic Bank of Britain
Islamic Bank of Britain has pioneered Islamic retail banking in the UK and has launched a wide range of products, including current accounts, savings accounts and personal finance. The bank was also the first to introduce Islamic Business banking to the UK, and now offers a wide range of institutional and business banking products and services, including commercial property finance.
Several of the bank’s products remain unique in the UK retail market (e.g. Islamic personal finance and Islamic savings accounts).
The bank is authorised and regulated by the Financial Services Authority and meets UK banking regulations and strict safeguards for customer deposits. All products offered by the bank are fully approved by the Bank’s Sharia’a Supervisory Committee (SSC).
Whilst the bank offers products and services that are designed in accordance with Islamic principles, it is an inclusive bank and welcomes customers of all faiths.
Islamic banking operates without the use of interest (also known as “Riba” to Muslims). The products that are offered are structured in a different way to those provided by conventional banks. The bank uses the latest technology to ensure that it provides customers with a reliable and quality service on a par with other banks in the UK.
Notes to editors:
Interviews with Islamic Bank of Britain are available on request.
The bank should only be referred to as “Islamic Bank of Britain”. If abbreviated please use “IBB”.
Issued by Islamic Bank of Britain, Edgbaston House, Birmingham B16 8NH
For further information please contact Junaid Bhatti on 0121 452 7377
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