West Yorkshire Muslims focus on Islamic finance
Over 100 West Yorkshire Muslims attended a local event focused on Islamic finance. The PMI networking dinner, held on 22nd February 2013 in Bradford, was organised by the Professional Muslim Institute (PMI). It was sponsored by the Islamic Bank of Britain plc (IBB, www.islamic-bank.com) and Ummah Financial, two of West Yorkshire’s leading Islamic finance providers. Guest speaker at the event was Imam Qari Asim, MBE, senior Imam at Leeds Makkah Mosque.
The event is one of several community-focused initiatives IBB has been involved with since the launch of its Dewsbury agency in January 2012. Co-located with Reeds Rains Estate Agents at 5 Northgate, Dewsbury, the agency was IBB’s first high street outlet to open since 2006. The opening marked the Bank’s commitment to the West Yorkshire region, home to one of the UK’s largest Muslim communities.
Since then Sohaib Hamid, business development manager for West Yorkshire, has been serving customers across the region. He says, “Local residents have shown a keen interest in Islamic finance and IBB’s range of Sharia compliant retail financial products. Islam forbids the use of interest so members of the community are enthusiastic to learn how the Bank’s Islamic savings accounts and Home Purchase Plans work. Awareness has also been high because Islamic banking is considered an ethical alternative to conventional banking.”
IBB offers consumers a different approach to banking which it has dubbed ‘Banking you can believe in’. The Bank has been recognised as an ethical alternative to conventional banking by the Move Your Money campaign. Ratings compiled by Ethical Consumer magazine also recognise IBB’s credentials which have placed it in the top ten of ethical current account providers, found at the Ethical Consumer website.*
Islamic banking is based on a more equitable system of finance than conventional interest-based banking. As a result, each product offered by IBB uses specific Islamic finance principles. These are derived from trade, entrepreneurship and risk-sharing in which the customer and Islamic bank work together as partners towards a mutually profitable end. The whole premise of Islamic finance is to provide a way for society to conduct its finances in a fair, ethical and socially responsible manner.
IBB offers the largest range of Sharia compliant retail financial products in the UK. These include savings accounts which pay profit, not interest; Sharia compliant mortgage alternative products, based on joint ownership/rent, known as Home Purchase Plans and Buy to Let Purchase Plans; Commercial Property Finance, Business Banking and pensions and investments products, in conjunction with trusted partners.
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