IBB London branches host Zakat information evening

Press Release

Islamic Bank of Britain plc (IBB, www.islamic-bank.com) the UK’s only wholly Sharia compliant retail bank, is hosting two events in London dedicated to improving the local community’s understanding of Zakat (alms-giving). The events are being held with support from the National Zakat Foundation, (NZF), a charity which promotes knowledge and understanding of Zakat, and collects and distributes funds to Muslims in the UK.

The Zakat information evenings will be held as follows:

  • East London - IBB Whitechapel branch, 97-99 Whitechapel Road, London, E1 1DT on 15th May from 7.00 pm - 8.30 pm,
  • West London - IBB Edgware Road branch, 77-79 Edgware Road London, W2 2HZ on 22nd May from 6.00 pm - 7.30 pm.

Zakat is one of the five pillars of Islam which requires Muslims who have a defined minimum amount of wealth to annually pay a fixed portion of their wealth to those in need. Zakat empowers communities through the re-distribution of wealth. It shares a common purpose with Islamic finance which works to provide an ethical financial system based on partnership, social responsibility and entrepreneurship.

The events have been organised in response to findings from a national survey, commissioned and conducted by NZF and IBB in 2012, looking into the habits of British Zakat (alms) payers. It found that only 60% of respondents were confident in their ability to calculate their Zakat accurately and rated their own knowledge of Zakat as lowest out of all five pillars of Islam.

The information evenings will therefore consist of a brief presentation on Zakat by Iqbal Nasim, Director of the NZF. He will clarify the role of Zakat in Islam and explain the principles and practicalities in order to improve attendees’ understanding. This will be followed by an informal Q&A and discussion session.

Commenting on the events, Abul Fozoll, Manager at IBB Whitechapel branch says “The IBB Zakat events are a good way for members of the community to refresh their memory on this important aspect of Islam. And with Ramadan just a few months away, now is a good time. The joint IBB/NZF survey of 2012 highlighted a need amongst the community for more information about Zakat. It was important, therefore, that IBB London branches responded to this by arranging information evenings for the local community. I expect the events to be very strongly attended.”

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.

In order to ensure that the products and services from IBB are genuinely Sharia compliant, IBB has in place a panel of respected Sharia Scholars, called the Sharia Supervisory Committee (SSC). Their work is supported by a dedicated Sharia Compliance Officer (SCO). Both the SCO and the SSC are trained experts in the interpretation of Islamic law and its application within modern day Islamic financial institutions. They both review every product and aspect of IBB’s business operations to ensure that Sharia compliance is always maintained.


Ends

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 Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) 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 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 IBB’s 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”.

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

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