Islamic Bank of Britain Birmingham branch to host ISA information evening

10 March 2014

Islamic Bank of Britain plc (IBB), (www.islamic-bank.com), the UK’s only wholly Sharia compliant retail bank, is hosting an information evening in Birmingham dedicated to improving the local community’s understanding of Sharia compliant savings. IBB is holding the event following its launch of the UK’s only Sharia compliant Notice Cash Individual Savings Account (ISA), which is currently topping the savings comparisons tables with an expected profit rate of 1.8% (per annum).   IBB will host the event on 13th March 2014 at Islamic Bank of Britain, 394 Coventry Road, Small Heath, Birmingham, B10 0UF from 6.30 pm – 8.00 pm.

The evening will consist of a brief presentation about how customers can maximise the returns from their savings in a tax-efficient and Sharia compliant way.  This will be followed by an informal Q&A and discussion session, and will cover IBB’s future plans since becoming part of the Masraf Al Rayan Q.S.C. (MAR) group, Qatar’s largest Sharia compliant bank.

Commenting on the event, Umar Farooq Ali, Manager at IBB Birmingham branch says, “Until now, British Muslims have been unable to save in a way that is both tax efficient and Sharia compliant.  IBB is proud to have launched the UK’s first Sharia compliant Notice Cash ISA and the forthcoming event will explain why the product is a must-have for anyone looking to maximise the return on their savings.  With ISA season upon us I am expecting that the local community will be keen to learn more and that the IBB information evening will be very well attended.” 

With an expected profit rate of 1.8% per annum, IBB’s Notice Cash ISA has maintained the Bank’s 15 month reign over the best buy savings tables.  From 1st December 2012 until 1st March 2014, IBB consistently offered at least one savings account with the UK’s highest rate of return, according to the Moneyfacts best buy tables.  Often more than one of IBB’s savings accounts, including the Fixed Term Deposit account for 12, 18 and 24 months and its regular 120 Day Notice Account, was table-topping.  

As an Islamic Bank, IBB does not pay interest to its savers.  Instead, this rate is offered as an 'expected profit rate', because the Bank invests the depositors’ funds into Sharia compliant and ethical trading activities.  As part of the agreement between the customer and the Bank, IBB monitors the target profit rate on a daily basis to ensure that it is achievable and will be able to provide the return offered to the customer. 

To date, for this type of savings product, IBB has always achieved the expected profit rate offered to its customers.  

The launch of IBB’s Notice Cash ISA, earlier this year, kicked-off the 10 year anniversary celebrations for the Bank.  IBB opened its doors as the UK’s only wholly, Sharia compliant retail bank in 2004.  Since then it has attracted over 50,000 customers and now offers the largest range of Islamic retail financial products in the UK.  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.

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 and Prudential Regulation 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 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: 1. Interviews with Islamic Bank of Britain plc are available on request. 2. The Bank should only be referred to as “Islamic Bank of Britain plc”. If abbreviated please use “IBB”.

ENDS

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