|Islamic Bank of Britain|
|Type||Public (LSE: IBB)|
|Key people||Mohsen Moustafa, Chairman|
Gerry Deegan, Managing Director
|Industry||Finance and Insurance|
|Revenue||▼ GBP£8. A public company usually refers to a company that is permitted to offer its registered securities ( Stock, bonds, etc The London Stock Exchange or LSE is a Stock exchange located in London, England. Birmingham ( ˈbɜːmɪŋəm Ber -ming-um The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located For other uses of this term see Industry (disambiguation An industry (from Latin industrius, "diligent industrious" Financial services refer to services provided by the finance industry. In Marketing, a product is anything that can be offered to a Market that might satisfy a want or need A banker or bank is a Financial institution whose primary activity is to act as a payment agent for customers and to borrow and lend money In business revenue or revenues is Income that a company receives from its normal business activities usually from the sale of goods and services The Pound Sterling ( symbol £; ISO code: GBP) subdivided into 100 pence (singular penny) is the Currency 83 million (2006)|
|Net income||▲ GBP£2. Net income is equal to the Income that a firm has after subtracting costs and Expenses from the total Revenue. The Pound Sterling ( symbol £; ISO code: GBP) subdivided into 100 pence (singular penny) is the Currency 85 million (2006)|
The Islamic Bank of Britain plc (LSE: IBB) is a commercial bank in the United Kingdom, established in August 2004 to offer Sharia compliant financial service products to British Muslims. A website (alternatively web site or Web site, a back-construction from the Proper noun World Wide Web) is a collection of Web pages The London Stock Exchange or LSE is a Stock exchange located in London, England. A commercial bank is a type of Financial intermediary and a type of Bank. The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located August 2004: January - February - March - April - May - June - July - August - Sharia ( Arabic: ar شريعة) is the body of Islamic Religious law. Islam is the second largest religion in the United Kingdom with a total of 1591000 (or 2 The bank has six branches in London, Birmingham, Manchester and Leicester. London ( ˈlʌndən is the capital and largest urban area in the United Kingdom. Birmingham ( ˈbɜːmɪŋəm Ber -ming-um Leicester (ˈlɛstə is the largest city and Unitary authority area in the East Midlands of England, and is the traditional It is the first British bank claiming to operate entirely according to Islamic principles. , although non-Muslims are also allowed to hold accounts.
The bank states that it runs on four values: faith, value, convenience, trust. Faith is an important factor for the bank, and accordingly branches close on Friday afternoons to allow the staff to attend Jummah (Friday) prayers. "Juma" redirects here For the indigenous Brazilian group see Juma people. The bank also has a Sharia Supervisory Committee to ensure that its products are compliant with Islamic teachings. 
During four years of its operation it has made a good impact in Islamic Shariah Market. As at end of 2006, its customers totalled 30,814, increasing by 120% from the previous year. 
The Islamic Bank of Britain was formed by a group of investors from the Middle East to take advantage of the growing market for Sharia compliant financial services in the UK. The Middle East is a Subcontinent with no clear boundaries often used as a synonym to Near East, in opposition to Far East. Islamic banking refers to a system of banking or banking activity that is consistent with Islamic law ( Sharia) principles and guided by Islamic economics In July of 2002, consultants and advisors were employed to confirm if such type of bank was needed and if it would be accepted by the Financial Services Authority, FSA. The Financial Services Authority ( "FSA") is an independent non-governmental body Quasi-judicial body and a company limited by guarantee that regulates
Potential investors were invited, mainly from the Gulf, who put together a Private Placement document which allowed the company to raise £14 million in start-up capital by early 2003. In the same period, its first Managing Director, Michael Hanlon was recruited. Later that year, a draft business plan was proposed and formal application to the FSA was submitted.
By August 2004, the FSA granted authorisation of the bank , and subsequently led to the Islamic Bank of Britain available to the public.
Unlike conventional banking, the Islamic Bank of Britain uses an alternative business model. It is based on Islamic Banking and since Islamic law does not allow the charging of interest, there comes increasing controversy for Muslims to hold bank accounts or mortgages with conventional UK banks. Riba ( Arabic: ربا rɪbæː means Usury and is forbidden in Islamic economic jurisprudence. Hence, the Islamic Bank of Britain was created with this mindset.
Although in recent years, this has begun to change; with many UK banks seeing the potential to offer specifically tailored services for Muslim customers. However, The Islamic Bank of Britain is the first UK bank in its single corporate entity to offer an entirely Sharia'a compliant banking, unlike the larger banking conglomerates such as HSBC which offers Sharia'a compliancy, but also utilises a different business model for its conventional banking system. SABB ( Arabic:ساب (formerly The Saudi British Bank, البنك السعودي البريطاني is an affiliate of the HSBC Group one of the world’s