Islamic Bank Of Britain

The Islamic Bank of Britain is a commercial bank in the UK that offers Sharia-compliant financial service products to British Muslims. The parent company, Qatar International Islamic Bank.

The bank has offices in London, Birmingham, Manchester and Leicester. It is the first British bank, which operates according to Islamic principles. Both Muslims and non- Muslims are allowed to open accounts at the bank.

History

The Islamic Bank of Britain was founded by a group of investors from the Middle East to serve the growing market for Shariah-compliant financial services can. In July 2002, consultants were initially instructed that should confirm whether this kind was needed by bank in the UK, and created the conditions for the application to the UK financial market supervisory authority.

Prospective investors, particularly from the Persian Gulf has been raised to raise an initial capital of £ 14 million by early 2003 for the company. During the same period, the first CEO, Michael Hanlon was recruited. Later that year, a draft business plan was proposed and submitted the formal application to the Financial Services Authority ( FSA).

In August 2004, the FSA granted approval, so that the Islamic Bank of Britain for the month was able to open its doors.

In the first four years, the Bank had great popularity. By the end of 2006, the number of customers increased to 30 814 and had thus increased by 120% over the previous year. From 2010, the Bank had 50 531 customers.