Islamic Bank of Britain London branches launch International Money Transfer Service

05 April 2012

Islamic Bank of Britain plc (IBB), (www.islamic-bank.com) today announced it has launched a secure and competitive electronic International Money Transfer Service available from its two London branches located at 97-99 Whitechapel Road, London, E1 1DT and 77-79 Edgware Road London W2 2HZ. As the UK’s only wholly, Sharia compliant retail bank, IBB also guarantees that the funds are handled and transferred in a Sharia compliant way.

The International Money Transfer Service is available to customers wishing to transfer money electronically from their IBB bank account to the bank account of a foreign beneficiary.  A range of currencies is available including US Dollars, Euros, Pakistani and Indian Rupee, Bangladeshi Taka, United Arab Emirate Dirham, Qatari Riyal, and Canadian Dollars.  The service is charged at a competitive admin fee of £12 for transactions of less than £10,000, and no fee for transactions of £10,000 or above. A minimum transaction limit of £100 applies.

 The International Money Service from IBB is expected to appeal to local business customers, charities and Masjids undertaking transactions internationally.  The service is also available to individual customers.  The Bank offers complete security and reliability for all transactions.  The exchange rates offered by IBB compete well against other providers, and are often market-leading.

Commenting on the launch, Imran Pasha, Head of Retail Banking at IBB said, “IBB has responded to the demand from local businesses and individuals for a secure, competitive and Sharia compliant International Money Transfer Service.  We expect the service to be very popular with our customers.”     IBB is the largest provider of Sharia compliant retail financial products in the UK, including savings accounts, Sharia compliant mortgage alternatives including the Home Purchase Plan and Buy to Let Purchase Plan, personal and business banking. The launch of the International Money Transfer is part of the Bank’s ongoing commitment to expand the way consumers can manage their finances in a Sharia compliant way. 

Ends

About Islamic Bank of Britain

Islamic Bank of Britain plc (Bank) has pioneered Sharia compliant retail banking in the UK and has launched a wide range of products, including the Home Purchase Plan (the halal mortgage alternative) Current Accounts and Savings Accounts.  The Bank was also the first to introduce Sharia 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.

The Bank is authorised and regulated by the Financial Services Authority and is a member of Financial Services Compensation Scheme. All products offered by the Bank are fully approved by the Bank’s Sharia Supervisory Committee (SSC).

Sharia 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

Whilst the Bank offers products and services that are designed in accordance with Sharia principles, it is an inclusive Bank and welcomes customers of all faiths.

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”.

ENDS

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