Islamic Bank of Britain hosts Sharia Finance information evening in Blackburn

25 June 2014

Islamic Bank of Britain plc (IBB), (www.islamic-bank.com), the UK’s only wholly Sharia compliant retail bank, recently hosted an informal information evening for Imaams, or Islamic religious leaders, in Blackburn. The event was dedicated to improving their understanding of Sharia compliant finance. It covered how it is possible for IBB customers to buy their homes, save their money and carry out their personal and business banking, without compromising their beliefs.
 
The event was held at Shahi Qila restaurant, Shear Bank Rd, Blackburn, BB1 8AP, from 7.15 pm – 9.15 pm. It was followed by a networking dinner, hosted by IBB, for the Imaams and local IBB clients, and was attended by over 20 guests.
 
The event began with a brief overview of the Bank’s products and services by Imran Pasha, Head of Sales and Service at IBB. This was followed by a presentation from Samir Alamad, IBB’s Head of Sharia Compliance & Product Development, about how the Bank operates differently to conventional banks. There was then a Q&A session about Sharia finance.

Commenting on the event, Salim Patel, Business Development Manager at IBB, said, “Imaam’s play an important role in the local community, providing guidance to Muslims on matters of faith. By improving their understanding about the principles of Sharia finance, IBB has equipped Imaams with additional information which will deliver a direct benefit to local Muslim residents. This is a new initiative from IBB and the event was very well attended; we expect this to be the first of many.”

Salim Patel is based at IBB’s Blackburn agency at Tadis House, 455 Whalley New Road, Blackburn,  BB1 9SP. The agency serves the whole of Lancashire.

IBB’s Imaam event follows a recent meeting held in London, on 18th May 2014, at which Samir Alamad briefed a group of over 50 Imaams from across the UK on the Government’s plans to introduce Sharia compliant student finance, and the proposed Sharia compliant structure involved. Mr Alamad, who has been instrumental in providing this solution as well as educating UK Islamic scholars about it, provided guidance to the Government on how to develop the product in a Sharia compliant way. Both events reflect the leading role that IBB’s specialists play in educating the Muslim community about Islamic finance.

The events took place in the year in which IBB is holding 10 year anniversary celebrations. 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

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

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