Islamic Bank Of Britain
| Islamic Bank of Britain | |
|---|---|
| Country |
 United Kingdom
|
| Seat | Birmingham |
| legal form | Corporation |
| BIC | IBOBGB22XXX |
| founding | 2004 |
| Website | www.islamic-bank.com |
| Business data | |
| Total assets | £ 217m (2011) |
| Employee | 118 |
| management | |
| Board | Khalifa Jassim MA Al-Kuwari, Sultan Choudhury Robert Owen |
| Supervisory board | Abdul Sattar Abu Ghuddah |
The Islamic Bank of Britain is a commercial bank in the UK, the Sharia offers -compliant financial services products for British Muslims. The parent company is the Qatar International Islamic Bank .
The bank has offices in London , Birmingham , Manchester and Leicester . It is the first British bank to operate according to Islamic principles. Both Muslims and non-Muslims are allowed to open accounts with the bank.
history
Islamic Bank of Britain was founded by a group of Middle Eastern investors to serve the growing market for Sharia-compliant financial services. In July 2002, advisors were initially hired to confirm whether this type of bank was needed in the UK and the prerequisites for filing with the UK Financial Market Authority were created.
Prospective investors, primarily from the Persian Gulf, were approached to raise £ 14 million seed capital for the company by early 2003. During the same period, the first managing director, Michael Hanlon, was recruited. Later that year, a draft business plan was proposed and the formal application filed with the Financial Services Authority (FSA).
In August 2004, the FSA approved so that the Islamic Bank of Britain could open its doors the following month.
The bank was very popular in the first four years. By the end of 2006, the number of customers had risen to 30,814, an increase of 120% over the previous year. As of 2010, the bank already had 50,531 customers.