Islamic Bank of Britain (IBB), the first fully Sharia’a-compliant bank in the UK and Europe, has set up its first London Commercial Centre to cater for the needs of its High Net-Worth, Small and Medium Size businesses and Business Banking customers, Junaid Abbas Bhatti, Marketing Manager informed finchannel.com.
IBB is the first Islamic finance institution in the UK authorized and regulated by the FSA to operate as a bank. IBB is now expanding its services, establishing its first Commercial Centre in London, based in East Ham. The Centre will be dedicated to providing a personalised service for customers who are looking to buy their own home, expand their business or purchase commercial property. In addition, IBB staff will be on-hand to offer products that meet the Saving, Investment and Finance needs of ethically-inclined consumers.
“We recognise that there are many clients in the UK who require a high level of service to enable them to make sound investments and take business decisions,” comments Sultan Choudhury, the bank’s Commercial Director. “We also have a need for a dedicated centre to meet the requirements of potential customers who are looking for ethical finance products which we can offer to the whole of the UK public.”IBB can offer a number of products and services to these customers including Personal Finance, Commercial Property Finance and Home Finance (soon to be launched). The bank’s Commercial Property Finance product is ideal for those businesses that have existing finance deals with conventional banks and wish to switch to a Sharia’a-compliant provider or seek to finance the purchase of business premises.
“Our Commercial Property Finance product has many advantages over the conventional offerings from other banks. It is a flexible product which allows customers to make penalty-free early repayments. Additionally, it offers the option to make lump sum payments to reduce the term of a finance deal and, most importantly, is an ethical and Sharia’a-compliant product”, comments Mr. Choudhury. The East Ham office will commence service as a Commercial Centre from Monday, 14th of January 2008.
Islamic Bank of Britain has pioneered Sharia’a-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 Sharia’a-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 (e.g. Sharia’a-compliant personal finance and Sharia’a-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. All products offered by the bank are fully approved by the bank’s Sharia’a Supervisory Committee (SSC).
Whilst the bank offers products and services that are designed in accordance with Sharia’a principles, it is an inclusive bank and welcomes customers of all faiths.
According to Islamic Bank of Britain, Sharia’a-compliant banking operates without the use of interest. The products that are offered are structured in a different way to those provided by conventional banks. The bank uses the latest technology to ensure that it provides customers with a reliable and quality service on a par with other banks in the UK.