Islamic Bank of Britain (IBB) announced the financial results for the year 2007.
The year has been one of significant achievements for the Bank whereby it has further established its position as the pioneer of Islamic Banking in the UK. The Bank made impressive progress in 2007 in number of customers, customer deposits and retail assets which increased by 38%, 61% and 51% respectively. A significant achievement for IBB in 2007 was the reduction in the net loss by 22%.
IBB undertook a number of important initiatives in 2007 which have set the direction of the Bank for achieving its strategic objectives in 2008. One of the important initiatives undertaken by the Bank in 2007 was the setting up of dedicated Commercial Centres which cater for the financial requirements of the clients on a personalised one-to-one level. The Commercial Centres will operate as dedicated sales channels and will enable the Bank to promote its existing and new Product Offerings in more effective manner. The Bank continued to focus on automated channels in 2007 and the telephone banking and online banking facilities were enhanced in order to provide clients with more efficient and user friendly solutions.
Gerry Deegan, Managing Director, comments” 2007 was a very significant year for the Bank as we managed to reduce the net loss by 22% on the back of strong growth in revenues and cost controls. In 2008 we have a number of strategic initiatives which will further diversify our client base and revenue stream and consolidate IBB’s position as the leading provider of sharia’a compliant retail banking in UK. Also we will build on the ethical foundations of our product offering to cater for a wider cross section of the UK market.”
Please click here to view or download a complete version of the 2007 Annual Report.
About Islamic Bank of Britain
Islamic Bank of Britain has pioneered Sharia’a-compliant 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 Sharia’a-compliant 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. Sharia’a-compliant personal finance and Sharia’a-compliant 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 Sharia’a principles, it is an inclusive bank and welcomes customers of all faiths.
Sharia’a-compliant 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.
ENDS
Issued 25th March 2008 by Islamic Bank of Britain, Edgbaston House, Birmingham B16 8NH