UK’s best business bank account for Muslim faithful gets £20m infusion

The Islamic Bank of Britain (IBB), the best business bank account for those of the Muslim faith in the UK,  is slated to  gain £20m in working capital from one of its founding shareholders.

Qatar International Islamic Bank (QIIB) will hold 80 percent of the bank once the share buying endeavor goes through.

This injection of new capital, which will be subject to regulatory restraints and approval of IBB’s current shareholders, will enable the bank to expand the sales of its flagship products.  Among those is the IBB’s mortgage alternative plan known as the Islamic Bank of Britain’s Home Purchase Plan.

IBB was the first bank in the UK to comply with Sharia law, the Muslim ecclesiastical code, and to this day is the only retail bank in the Euro zone that is Sharia-compliant.

Founded in 2004, the IBB had grown its business to include total deposits from customers at £186m by the end of last year.  The bank’s customer base had reached nearly 50,000 by that time, recorded assets in excess of £3bn, and reported an annual profit of approximately £95m.f

The UK banking community has been a leader in the West in regards to the world of banking for those of Muslim faith; this timely infusion of working capital by the Qatar International Islamic Bank can be seen as an unequivocal vote of confidence in Britain and its welcoming attitude in regards to a Sharia-compliant bank industry.

Sultan Choudhury, Commercial Director for the IBB, has stated that the additional funds will allow the bank to expand its offerings and help reinforce its reputation as a pioneer in regards to the creation of new financial products that are appealing to its customers of the Muslim faith not only locally in the UK but in the global area as well.

In 2009, the Islamic Bank of Britain received Global Finance magazine’s award for the Best Islamic Financial Institution in the UK.

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