Islamic Bank of Britain establishes Birmingham presence

By Gill Montia

The leader of Birmingham’s City Council, Mike Whitby, has pledged to work alongside the city’s Islamic Bank of Britain (IBB), which is committed to building its presence in Birmingham by supporting entrepreneurs.

According to Councillor Whitby: “The real strength and opportunity for this city lies in its diversity and the scope for energy and enterprise that this creates for us … the particular ethical base of IBB is yet another example of this and I know that it will continue to thrive here.”

He believes that the bank’s presence will provide business growth opportunities among communities that may feel “excluded from other financial avenues” and address problems of social exclusion.

IBB’s Commercial Director, Sultan Choudhury, comments: “IBB is committed to providing entrepreneurs with the opportunity to grow their business without compromising their ethical principles. Our business banking proposition and commercial property finance product can help them achieve their aims in harmony with Islamic and ethical principles.”

IBB is the UK’s first Islamic financial institution to be authorised by the FSA to operate as a retail bank. It is inclusive and welcomes customers of all faiths.

The bank is overseen by a committee charged with ensuring that all products, services and processes comply with Sharia’a principles. It also provides advice and guidance based on knowledge and experience of the Islamic Finance industry.

IBB currently provides savings accounts, personal finance and commercial property Finance. It has also recently launched the UK’s first Commercial Centre for Islamic Finance, which is based in Birmingham and caters for the needs of its high net-worth and business banking clients.