Birmingham Central Mosque is UK’s first to host cash withdrawal machine
Birmingham Central Mosque has become the UK’s first mosque to host a cash withdrawal machine. The Automated Teller Machine (ATM) has been provided by Birmingham-based Islamic Bank of Britain (IBB), the UK’s only wholly Sharia compliant retail bank.
The machine has been installed by IBB as a pilot with the rollout of further machines planned across the city, and the UK, over the coming months. The cash machine is free for the use of IBB debit card holders. A small charge applies to non-IBB card holders, a portion of which is donated to the Mosque.
Birmingham Central Mosque was officially opened in 1975 as the largest mosque in Western Europe. Since then it has established itself as a focal point for the local Birmingham Muslim community. The number of worshippers attending the Mosque ranges from 4, 000, when the Friday afternoon prayer service is held, to a staggering 15 - 20, 000, when it holds five prayer services on the days when Muslims celebrate Eid.
Commenting on the installation a spokesperson at Birmingham Central Mosque said, “Birmingham Central Mosque has been a pioneer for the local Muslim community, offering faith-based community services since 1975. IBB is also considered a pioneer of Sharia compliant retail banking in the UK. Together, through the Mosque-based cash machine facility, we are bringing something unique to the local Muslim community.”
Sultan Choudhury, managing director of Islamic Bank of Britain added, “Worshippers at Birmingham Central Mosque can now withdraw money conveniently and easily. It will also help the Mosque to generate donations so that it can continue with its important work.”
As a Sharia compliant retail bank, IBB operates without the use of interest. Instead, it is founded on Islamic finance principles derived from trade and entrepreneurship. As an ethical, faith-based alternative to conventional banking, IBB sums up its offering to consumers as ‘Banking you can believe in’.
IBB has seen a significant rise in applications for its savings products since the start of the holy month of Ramadan on 21st July 2012. This is when the Bank launched a market-leading savings account which has been beating the returns from conventional banks. The Bank believes the record number of applications for the account has also been prompted by consumer interest in ethical banking alternatives, following a summer of controversy for the UK banking sector.
IBB has attracted over 50, 000 customers and 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.
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”.