Islamic Bank of Britain receives international recognition and puts Birmingham on the global Islamic finance map

05 April 2012

Birmingham-based Islamic Bank of Britain plc (IBB), (www.islamic-bank.com) last week welcomed senior figures from the Thai Ministry of Finance and the President of the Islamic Bank of Thailand to its headquarters in Edgbaston, Birmingham. A visiting team of 20, the Bank received high ranking officials, including Thailand’s Deputy Minister of Finance, Mr. Viroon Tejapaibul, Assistant Secretary to the Minister of Finance, Mr. Thanathorn Lohsoonthorn, Economist, Fiscal Policy Office, Ms. Usaluk Jesdathavornwong and President, Islamic Bank of Thailand Mr. Dheerasak Suwannayos. 

The tour was arranged for the guests who were keen to learn about IBB’s growth and success in delivering Sharia compliant retail financial products to consumers in the UK. The high-profile visit was preceded by the news that IBB had achieved global recognition once again by being named the UK’s ‘Best Islamic Bank’ for 2012. IBB won the award from London-based World Finance magazine.

Commenting on the visit and award, Imran Pasha, IBB’s head of retail said, “2012 is the year when all eyes are on Great Britain. Islamic Bank of Britain is proud to put Birmingham on the map by showcasing its expertise in Islamic finance to a global audience.”

IBB has long been recognised as a leader in the international Islamic Finance sector. As the UK’s only wholly Sharia compliant retail bank it is considered a pioneer of British retail Islamic banking. With over 50,000 customers, IBB currently provides the largest range of Sharia compliant retail financial products in the UK including the Home Purchase Plan and Buy to Let Purchase Plan, savings accounts, personal and business banking.

IBB was selected for an award by World Finance magazine as part of its annual ‘Islamic Finance Awards’ programme. The magazine describes the awards as “Recognising the institutions that provide exemplary financial services both to indigenous Islamic markets and to investors in the wider global marketplace.” IBB’s parent company, Qatar International Islamic Bank (QIIB) was also recognised by the World Finance magazine judging panel as the ‘Best Islamic Bank’ in Qatar for 2012.

World Finance is a critically acclaimed bi-monthly magazine and website providing in-depth coverage and analysis of the financial industry and global economy. The editorial board combines award-winning reportage from in-house journalists and correspondents. The magazine also receives contributions from influential economic and political thinkers, globally recognised for the part they have played in shaping contemporary thought and the way we look at the financial world

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 

Issued by Islamic Bank of Britain Plc, Edgbaston House, 3 Duchess Place, Birmingham B16 8NH

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