Islamic Bank of Britain targets businesses and individual clients with Wakala Treasury Product
6th May, 2008 - Islamic Bank of Britain (IBB) announced details of its new Treasury Deposit Account targeted at individuals, businesses, charities and organisations. IBB Wakala Treasury Deposit account gives competitive profit from the investments with minimum risk for the depositor.
IBB acts as the customers’ agent to invest their deposits in Sharia’a-compliant and ethical trading activities for an agreed target profit rate over a fixed term. The bank manages and monitors the performance of the investments on a daily basis to minimise the risk and to ensure that the customer gets the projected target profit rate. Customers are given a guarantee that their funds will be invested only in Sharia’a compliant and ethical investments which will exclude all interest-bearing transactions or unethical business activities such as pornography, gambling, speculation, tobacco and alcohol.
Sultan Choudhury Commercial Director commented: “Islamic Bank of Britain’s Wakala Treasury Deposit Account is a highly competitive and innovative product for British banking customers who wish to invest their excess funds in accordance with ethical principles. This is the only Wakala Treasury Product in UK offering minimum deposit of £50,000. This shows our commitment to our customers to meet their financial needs with tailor made solutions”.
IBB Wakala Treasury Deposit Account can be opened in Pounds Sterling, US Dollars or Euros, and the minimum deposit requirement is £50,000, or the equivalent in USD/Euros.
IBB Wakala Treasury Deposit account is covered by the Financial Services Compensation Scheme.
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. The products that are offered are structured in a different way to those provided by conventional banks.
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