Islamic Bank of Britain releases financial results for 2007

The Islamic Bank of Britain (IBB) has released its figures for the year ending 31 December 2007.
IBB showed progress in 2007 which eclipsed its achievements of 2006 with sharp increases in:

• The number of customers, which were up by 38 per cent to 42,000;

• Customer deposits were up by 61 per cent to $267 million;

• Customer financing was up by 51 per cent to $31.3 million;

• Number of accounts was up by 27 per cent to 64,000;

• Number of online-enabled customers was up by 193 per cent to 10,200;

• Increase in operating revenues by 56 per cent to $9.3 million, resulting in 22 per cent reduction of net losses.

IBB undertook a number of initiatives which underpinned its performance during 2007, continuing into 2008. One development was the introduction of commercial centres to drive sales and meet clients’ needs through a one-to-one personalised service. Forming the cornerstone of IBB’s sales channels, the centres enable the bank to promote existing and new products in a more effective manner.

Efficient and improved customer service were also realised through the bank’s continued focus on automated channels; with the introduction of enhanced telephone and online banking facilities, clients now have more efficient and user friendly solutions. Currently over 20 per cent of the customer base is using online and telephone banking services.

Islamic Bank of Britain has pioneered Shari’ah compliant retail banking in the UK and has launched a wide range of products, including current accounts, savings accounts and personal finance. The bank was also the first to introduce Shari’ah 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 market, such as Shari’ah compliant personal finance and Shari’ah compliant savings accounts. The bank is authorised and regulated by the Financial Services Authority and meets UK banking regulations and strict safeguards for customer deposits.