Personal

Business

Commercial

Economy

Islamic Bank of Britain set for £20million capital boost

27 July 2010

Islamic Bank of Britain has secured a £20million capital injection from founding shareholder Qatar International Islamic Bank which will take QIIB's stake in the bank to over 80%.

The investment is subject to shareholder and regulatory approvals.

The additional capital will allow IBB to leverage its established retail brand in the Islamic finance sector 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 the UK and today is the only Sharia compliant stand alone retail bank currently permitted to operate in Europe. The Bank has grown its deposits, assets and customers every year since its launch in September 2004.

The Bank reported customer deposits of over £186 million, customer financing at £46 million and nearly 50,000 customers in its 2009 financial statements.

QIIB is listed on the Qatar Exchange and regulated by the Qatar Central Bank. QIIB has assets in excess of £3billion and annual reported profits of £95million in 2009. Founded in 1991, QIIB is well-placed to provide a full array of retail and corporate banking services.

The UK has led the Western world in the promotion of Sharia compliant financial services in recent times and this investment in IBB reinforces the UK position as the leader in the development of Islamic financial services globally.

This investment continues the trend of recent Qatari investments in UK companies and real estate and is a further vote of confidence in the growing UK Islamic Banking sector.

Gerry Deegan, Managing Director at IBB commented:

“This is very good news for IBB's shareholders, staff and customers as well as for the Islamic Banking sector in the UK which is well positioned for continued growth.

“QIIB was instrumental in establishing IBB as the first Islamic bank in the West and this capital injection demonstrates its continuing commitment to IBB. This is very good news for IBB's shareholders, staff and customers as well as for the Islamic Banking sector in the UK.

"We look forward to working with QIIB to jointly develop and promote new markets, products and services."

Sultan Choudhury, Commercial Director commented:

“This investment in IBB allows us to grow our business and remain the pioneer in providing innovative Islamic finance products to Retail customers in the UK and beyond. Our customers will be reassured that one of our founding shareholders has continued to commit to us for the long term and work with IBB to achieve its exciting objectives."

Back to News

Print Article

150,000 small businesses face insolvency

Man arrested in FSA insider dealing investigation

Lack of trust condemned HIPs to failure

Industry dismayed as ministers refuse to boost new homes supply

Housing transactions fall back in August

Customers hit by jump in overdraft rates

L&G partners with Islamic Bank of Britain

Interactive financial adviser launched

BoE bank rate remains at record low

Montello raises £20M for real estate bridging finance

Research predicts annuity rates will fall over next 5 years

Leeds launches new discount mortgage

iSold moving national could change estate agents' business models

FSA fine Goldman Sachs £17.5m

August activity drops but longer trends remain positive

Economic growth moderates

Leek United Building Society join L&G mortgage club

Aviva critical illness pays out 93% of claims

CML event considers the future of housing

Availability of mobile-friendly contact centre management tools announced

69% think base rate will rise by August 2011

Fund managers acting more cautiously

N&P introduce new fixed rate mortgage

Councils must prosecute rogue landlords

Abbey launch fixed rate Intermediary Special

Nationwide cuts personal loan rate

House prices rise 0.2% in August

BBA appoint Marcus Agius as Chairman

Personal Touch adopts ALL NEW MortgageBrain

Lord Sassoon welcomes Indian Banks to the UK

PPR set to save collapsed property chains

Advisers must deliver consumer education on equity release

Metro Bank invest in Equifax risk management tools

Intermediary products rise

Margaret Cole appointed to FSA Board

Barclays appoint Bob Diamond as new chief

Brokers need greater understanding of secured loans

Rightmove website goes mobile

OpenConvey appoints Northern Ireland solicitor to panel

54% of IFAs use more than one platform

In the Spotlight

Every month we invite an industry regular to pop in for a brew and a chat with MyIntroducer to find out what they're up to and how business is fairing so far in 2009.

This Month we talk to Gary Bailey, Company Director at Manchester based lender, Blemain Group. Click to Read More...

Housing transactions fall back in August

Lack of trust condemned HIPs to failure

Research predicts annuity rates will fall over next 5 years

Leeds launches new discount mortgage

August activity drops but longer trends remain positive

Loans Warehouse launch 'Getting the basics right' campaign

SMEs are still struggling to get access to commercial finance

Blu Debt Management teams up with Paymentshield

Is your financial future at risk? Asks Prudential's Investment director

Santander Business Banking to offer loan & bond products through NACFB

Debt levels could be 'tip of the iceberg', warns The Debt Advisor

MYI Poll

Our Partners

	Commercial Introducer The Home of the Bridging & Commercial Professional. Industry News, Reviews & Comment aimed specifically at commercial finance specialists.
	Debt Introducer The Home of the Debt Solutions Professional. Industry News, Reviews & Comment aimed specifically at debt solutions specialists.
	Factel Studio Commercial Website's designed and managed completely by yourself from as little as £10 Per Month.
	MailEm Email Marketing Made Easy! Deliver your message to over 3.5 million businesses using Mailem's simple cost-effect email delivery system.

Home | Terms Of Service | About Us | Privacy Policy | Anti Spam Policy | Advertise on MyIntroducer | Contact Us

ADVICE TO READERS
While this website is checked for accuracy, Barcadia Media Limited are not liable for any incorrect information included. We recommend that you make enquiries based on your own circumstances.

Myintroducer.com is a trading style of Barcadia Media Limited © 2009
Barcadia Media Limited. Registered in England & Wales No. 6970806 Registered address. Barcadia Media Ltd, Unit 6, 154-158 Church Street, Blackpool, Lancashire, FY1 3PS. Tel: 0845 413 0599 Data Protection Notification No: Z162 1548