12/10/2004 Islamic Bank
Islamic Bank of Britain, the first Sharia’a compliant retail bank to open in the UK opened the market this morning in celebration of its first day as an AIM company. It is the first time that Britain’s 1.8 million Muslims have had access to banking facilities from a British bank which is wholly operated in accordance with Islamic Sharia’a principles, which state that interest cannot be received or given; money must be invested in ethical industries; and, that money cannot be traded for money.
Michael Hanlon, Managing Director, comments: “We are delighted to have started operating and recently opened our first branch in London. 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. The recent additional capital raising will provide funds to allow us to implement these important growth plans, 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.”
The event was hosted on behalf of the London Stock Exchange by Mathew Wootton, Deputy Head of AIM; Mark Russon, Midlands Regional Manager and Graham Dallas, Senior International Business Development Manager.
The share offering in the UK was administered by Capita IRG, and involved the offer of up to 160 million new ordinary shares at 25p per share. Grant Thornton is Nominated Adviser to IBB.