Birmingham City Council Leader pledges support for Islamic Banking

Birmingham City Council Leader pledges support for Islamic Banking

City Council leader Mike Whitby pledged to work with the Birmingham-based Islamic Bank of Britain (IBB) in bringing new economic opportunity to budding entrepreneurs in the City. Councillor Whitby met IBB Chairman Mohsen Moustafa, and other directors of IBB (on 18th of Feb), to acknowledge the Bank’s commitment to building its brand in Birmingham and to explore mutual opportunities.

“The real strength and opportunity for this City lies in its diversity and the scope for energy and enterprise that this creates for us”, said Councillor Whitby. “Our global city with a local heart thrives on this and is a feature where Birmingham leads the world. The particular ethical base of IBB is yet another example of this and I know that it will continue to thrive here. I want us to work together to ensure that the Bank’s presence here translates into business growth among communities that may feel excluded from other financial avenues and address directly problems of social exclusion and other disadvantage.”

Mr. Mohsen Moustafa expressed his appreciation of Councillor Whitby’s commitment and support, and he confirmed IBB’s determination to support ethical enterprise in Birmingham and across the whole of the UK.

IBB Commercial Director, Sultan Choudhury, commented: “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 first Islamic finance institution in the UK authorised and regulated by the FSA to operate as a Retail bank. In common with all Islamic banks, IBB is overseen by a Committee of qualified and experienced Scholars, who are charged with ensuring that all products, services and processes comply with Sharia’a principles. In addition to conducting Sharia’a reviews and approving the bank’s operations, the Committee also provides advice and guidance, based on their knowledge and experience within the Islamic Finance industry.

IBB offers a number of products and services to its customers including Savings accounts, Personal Finance and Commercial Property Finance. The bank recently launched the UK’s first Commercial Centres for Islamic Finance – in Birmingham – to cater for the needs of its High Net-Worth and Business Banking customers.

About Islamic Bank of Britain

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.

Many 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.

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 comparable to other banks in the UK.

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