10-12-12-Strong demand drives growth at Islamic Bank of Britain
Islamic Bank of Britain plc (IBB), (www.islamic-bank.com), the UK’s only wholly Sharia compliant retail bank, is pleased to report a 63% increase in home financing and a 43% increase in long-term savings deposits for the first three quarters of 2012 (1st January to 1st October 2012). Growth and demand, has been driven through the launch and development of new savings products, the IBB Home Purchase Plan (HPP, the Sharia compliant mortgage alternative) and Buy to Let Purchase Plans, supported by effective sales and marketing strategies.
IBB is currently the leading provider of retail Islamic financial products in the UK and is considered a pioneer of UK Sharia compliant retail banking. Despite recent market changes, including HSBC’s announcement of its withdrawal of Islamic banking products in seven countries, including the UK, IBB remains committed to the UK Islamic finance market and is looking at ways to increase the number of Islamic Banking products it offers to the market.
Sultan Choudhury, managing director, IBB commented on the Bank’s achievements by saying, “IBB has been performing strongly during 2012 based on a focus to deliver high quality products and services to our customers. Furthermore, the Bank has experienced year on year growth in revenues since its inception in 2004. This is despite challenging macroeconomic and market conditions, which have persisted for over four years. IBB remains committed to the UK Islamic finance sector and we will continue to be innovative in pursuing a successful path ahead.”
IBB has demonstrated improved performance since the appointment of a new Board in April 2011. Since then it has implemented a clear new strategy and Transformation Programme for the focused development of the Bank with the aim of delivering higher quality products and services. This has resulted in a number of developments including:
- Enhanced online banking services – which has required significant investment in upgrading the Bank’s IT infrastructure to provide its customers with a modern banking service
- Growth in the Bank’s asset base, focused on high quality secured assets funded through long term retail deposits
- The opening of regional agencies – a cost effective route to maintaining the Bank’s footprint and delivering services to its customers
IBB was formed in 2004 and has attracted over 50, 000 customers. The Bank offers the largest range of Sharia compliant retail financial products in the UK and these include current, savings and business banking accounts, Home Purchase Plans and Buy to Let Purchase Plans. IBB also works with carefully selected partners to offer Sharia compliant wealth management products and services.
About Islamic Bank of Britain
Islamic Bank of Britain plc (the Bank, IBB) has pioneered Sharia compliant retail banking in the UK and now offers the largest range of Sharia compliant retail financial products in the UK. These include Sharia compliant mortgage alternatives, the Home Purchase Plan (HPP) and Buy to Let Purchase Plan (BTLPP), 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 financial market.
The Bank is authorised and regulated by the Financial Services Authority and is a member of Financial Services Compensation Scheme.
Sharia compliant banking operates without the use of interest and is founded on Islamic finance principles derived from trade, entrepreneurship and risk-sharing. IBB has a dedicated a Sharia Compliance Officer (SCO) and a panel of respected Sharia Scholars, called the Sharia Supervisory Committee (SSC), which acts as an independent body to guarantee that its products and activities are Sharia compliant.
Whilst IBB offers products and services that are designed in accordance with Sharia principles, it is an inclusive, ethical organisation and welcomes customers of all faiths looking for a bank with a transparent, prudent and community-focused approach.
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”.