Islamic Bank of Britain
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The Islamic Bank of Britain plc (LSE: IBB) is a commercial bank in the United Kingdom, established in August 2004 to offer Sharia compliant financial service products to British Muslims. The bank has 8 branches in London, Birmingham, Manchester and Leicester. It is the first British bank to offer services aimed specifically at Muslims, although non-Muslims are also allowed to hold accounts.
The Islamic Bank of Britain was formed by a group of investors from the Middle East to take advantage of the growing market for Sharia compliant financial services in the UK. Islamic law does not allow the charging of interest, making it difficult for Muslims to hold bank accounts or mortgages with conventional UK banks. In recent years this has begun to change, with many UK banks seeing the potential to offer specifically tailored services for Muslim customers. The Islamic Bank of Britain is however the first UK bank to be established offering such services, and as single corporate entity is an entirely Sharia'a compliant bank, unlike the larger banking conglomerates.
The bank states that it runs on four values: faith, value, convenience, trust. Faith is an important factor for the bank, and accordingly branches close on Friday afternoons to allow the staff to attend Jummah (Friday) prayers. The bank also has a Sharia Supervisory Committee to ensure that its products are compliant with Islamic teachings.
[edit] External links
- www.islamic-bank.com - Islamic Bank of Britain
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