Menu
22/09/2004
Britain's first wholly Sharia'a bank opens in London
The first branch of Britain's only wholly Islamic bank – which will operate strictly in accordance with Sharia’a principles – has been opened in London today.
Through its Edgware Road branch, the Islamic Bank of Britain will enable the country's 1.8 million Muslims to trade in Sharia’a compliant investments and share the profits with its savers.
Under Sharia'a law, the giving or receiving of interest is forbidden and money cannot be simply traded for money. Funds can be used to buy goods or services, which can then be sold for a profit.
The bank has also said that it will not invest in businesses dealing with interest, tobacco, alcohol, pornography for "purely ethical" reasons.
Michael Hanlon, Managing Director, said: “It marks a new era in Islamic banking in the UK and the beginning of our work to broaden our product offering and branch network… [And] we are confident that we can provide customers with a range of Sharia’a compliant products and services. Our products will be equivalent to those available in a conventional bank and competitively priced.”
To ensure the bank is operating in a wholly Sharia’a compliant way, all services, activities and investments will be approved by a group of Islamic scholars acting as the bank's Supervisory Committee.
Additional branches will open in Birmingham and Leicester in November 2004, with a further eight branches planned in 2005. Internet banking will be launched in April 2005.
Islamic Bank of Britain will be regulated by the FSA and will meet UK banking regulations and safeguards for the customer.
(gmcg/mb)
Through its Edgware Road branch, the Islamic Bank of Britain will enable the country's 1.8 million Muslims to trade in Sharia’a compliant investments and share the profits with its savers.
Under Sharia'a law, the giving or receiving of interest is forbidden and money cannot be simply traded for money. Funds can be used to buy goods or services, which can then be sold for a profit.
The bank has also said that it will not invest in businesses dealing with interest, tobacco, alcohol, pornography for "purely ethical" reasons.
Michael Hanlon, Managing Director, said: “It marks a new era in Islamic banking in the UK and the beginning of our work to broaden our product offering and branch network… [And] we are confident that we can provide customers with a range of Sharia’a compliant products and services. Our products will be equivalent to those available in a conventional bank and competitively priced.”
To ensure the bank is operating in a wholly Sharia’a compliant way, all services, activities and investments will be approved by a group of Islamic scholars acting as the bank's Supervisory Committee.
Additional branches will open in Birmingham and Leicester in November 2004, with a further eight branches planned in 2005. Internet banking will be launched in April 2005.
Islamic Bank of Britain will be regulated by the FSA and will meet UK banking regulations and safeguards for the customer.
(gmcg/mb)
Related UK National News Stories
Click here for the latest headlines.
19 March 2015
21-Year-Old Woman Arrested After Being Deported From Turkey
A 21-year-old woman has been arrested by counter-terror police at Luton Airport after being detained by Turkish authorities. Jamila Henry is suspected of having flown to Turkey using her twin sister's passport.
21-Year-Old Woman Arrested After Being Deported From Turkey
A 21-year-old woman has been arrested by counter-terror police at Luton Airport after being detained by Turkish authorities. Jamila Henry is suspected of having flown to Turkey using her twin sister's passport.
16 March 2015
British Teenagers Stopped From Entering Syria
Three British teenagers arrested in Turkey on suspicion of preparing terrorist acts have been released on bail. The teenagers, two aged 17 and the third aged 19, from north-west London, were stopped by authorities in Turkey on Saturday. It is believed that the three had planned to travel on to Syria to join Islamic State.
British Teenagers Stopped From Entering Syria
Three British teenagers arrested in Turkey on suspicion of preparing terrorist acts have been released on bail. The teenagers, two aged 17 and the third aged 19, from north-west London, were stopped by authorities in Turkey on Saturday. It is believed that the three had planned to travel on to Syria to join Islamic State.
16 March 2015
18-Year-Old Arrested In Birmingham By Anti-Terror Police
Police have arrested an 18-year-old man at his Birmingham home on suspicion of preparing to travel to Syria and join Islamic State. West Midlands Police said that the arrest was made at about 7am on Monday morning (16 March) in a pre-planned and intelligence-led operation. They stressed there was no immediate threat to the public.
18-Year-Old Arrested In Birmingham By Anti-Terror Police
Police have arrested an 18-year-old man at his Birmingham home on suspicion of preparing to travel to Syria and join Islamic State. West Midlands Police said that the arrest was made at about 7am on Monday morning (16 March) in a pre-planned and intelligence-led operation. They stressed there was no immediate threat to the public.
24 September 2014
Audio File Sent By IS To Family Of British Captive
An audio file has been sent to the family of British hostage Alan Henning, in which he allegedly pleads for his life. No details of the recording have been released but according to a report by the BBC, it was sent to Mr Henning's family, with his wife responding by calling on his captors, Islamic State (IS), to release him.
Audio File Sent By IS To Family Of British Captive
An audio file has been sent to the family of British hostage Alan Henning, in which he allegedly pleads for his life. No details of the recording have been released but according to a report by the BBC, it was sent to Mr Henning's family, with his wife responding by calling on his captors, Islamic State (IS), to release him.
04 June 2014
Peter Robinson Apologises Over Islam Comments
Northern Ireland First Minister Peter Robinson has made a public apology at the Belfast Islamic Centre, following comments he made when he defended local Pastor James McConnell, who said Islam was "heathen", "satanic" and "spawned in hell".
Peter Robinson Apologises Over Islam Comments
Northern Ireland First Minister Peter Robinson has made a public apology at the Belfast Islamic Centre, following comments he made when he defended local Pastor James McConnell, who said Islam was "heathen", "satanic" and "spawned in hell".
-
Northern Ireland WeatherThis Evening and Tonight:Rain clearing away east by early evening with some clear spells but a few showers likely to affect the North coast and other areas towards dawn, remaining breezy and mild overnight. Minimum temperature 9 °C.
