Islamic lending set to increase in the UK
Monday 2nd August 2010
Islamic lending has received a major boost in the UK, with a £20m capital injunction into the Islamic Bank of Britain.
It comes from founding shareholder Quatar International Islamic Bank, and will have to get shareholder and regulatory approval.
The additional capital will allow IBB to leverage its brand and to increase sales of key products such as the recently launched Islamic alternative to mortgages, the IBB Home Purchase Plan.
IBB was the first Sharia-compliant retail bank to be licensed, in 2004, in the UK, and today is the only Sharia-compliant stand-alone retail bank currently permitted to operate in Europe.
The bank reported customer deposits of over £186m, customer financing at £46m and nearly 50,000 customers in its 2009 financial statements.
Sharia-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.
Whilst the bank offers products and services in accordance with Sharia principles, it welcomes customers of all faiths.
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