The Islamic Bank of Britain is gearing up to see growth in Islamic Mortgages following support from the Qatari Investment capital injection of $20 million US dollars which will help the bank to improve and strengthen their Shariah compliant products and services.
The Islamic Bank of Britain is gearing up to see growth in Islamic Mortgages following support from the Qatari Investment capital injection of $20 million US dollars which will help the bank to improve and strengthen their Shariah compliant products and services.
Commenting on the investment, Sultan Choudhury, Commercial Director, Islamic Bank of Britain, said, "Islamic Bank of Britain already offers the largest range of Sharia compliant products and services in the UK. With a fresh injection of capital we are well placed to grow the business through our Home Purchase Plan products. The products will offer peace of mind for customers, both financially and spiritually, which is especially important in the holy month of Ramadhan."
The Qatari support of the additional capital will allow the Islamic Bank of Britain to materialize product development plans including the growth of its Islamic mortgage alternative. Islamic Bank of Britain immediately released details of two new products to be launched as a result of the capital injection which could further diversify the Islamic banking sector in the UK.
The Islamic bank of Britain is the only fully fledged Islamic bank in the UK which offers Shariah compliant retail banking products and services to cater for Muslims and Non Muslims wishing to use Shariah compliant methods of managing their wealth. The Islamic bank of Britain have established themselves since its inception in 2004 and hopes that the additional capital will further strengthen and diversify the Islamic banking industry in the UK and enable the bank to offer innovative alternatives and products to its customers.
Despite the challenges of Islamic banking in the UK the Islamic Bank of Britain has grown its deposits, assets and customers every year since its launch in September 2004. The Bank reported customer deposits of over £186million, customer financing at £46million.
Many Muslims in the UK who want to buy a house in a Shariah compliant manner can now do so by using the Shariah compliant options which the Islamic Bank of Britain has to offer. The capital injection will also help to provide effective promotion of Islamic banking and services which is set to soar to over $1.5 trillion by 2012.
Source: http://www.globalislamicfinancemagazine.com
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