Islamic Bank of Britain opens for business in Tooting

20 January 2012

Press Release

Locals of South London will this week find the Islamic Bank of Britain plc (IBB, 
www.islamic-bank.com) on their doorstep as the Bank launches one of its first IBB agencies in Tooting. The IBB agency, co-located with Prime Group at 16 Upper Tooting Road, Tooting, represents the Bank’s first high street outlet in the South London area. Shaheen Bandali has been appointed as Business
Development Manager by the Bank to lead the Tooting IBB Agency. The agency is the one of six to be rolled out by the Bank across the UK in 2012. The IBB Tooting agency will serve customers across the South London area.

Tooting, and South London, are home to a large Muslim community. The opening of an IBB agency in Tooting forms part of an ongoing commitment by the Bank to fulfill the local demand for Sharia compliant retail financial products. The Bank provides the largest range of such products in the UK. These include the IBB Sharia compliant mortgage alternative, the Home Purchase Plans (HPP), Savings Accounts, personal and business banking as well as pensions and investments products, in conjunction with trusted partners.

Sultan Choudhury, managing director, Islamic Bank of Britain, commented “IBB’s new Tooting agency will provide a new banking experience for the residents of South London. IBB is focused on serving the local community with a personal approach and becoming part of community life. Shaheen Bandali, IBB’s dedicated BDM for South London, will soon become a familiar face amongst locals. With the Tooting IBB agency forming a high street presence for the Bank in South London, we have really underlined our commitment to the area.”

IBB has decided to open a network of agencies across London and the UK in a move to extend its footprint and become more involved in local communities. The agency model is an evolution of the IBB branch network allowing the Bank to provide a personal banking service by co-locating with a local, complementary
business partner. IBB staff will be based in the agency offering a personal service for customers looking to incorporate Islamic banking into their personal and business finances. A self-service kiosk will be in place to allow customers to carry out banking transactions. Both facilities will be supported by the Bank’s telephone,
online and ATM capabilities and its deposit arrangements with Lloyds TSB Bank.

IBB is the UK’s only wholly Sharia compliant retail bank and is regulated by the Financial Services Authority. The Bank provides the largest range of Sharia compliant retail financial products in the UK. As a Sharia compliant bank IBB does not deal in interest and nor does it invest in activities such as gambling, tobacco  and alcohol.

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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