The opening of the UK's first Islamic High Street bank
The UK's first Islamic High Street bank which is compliant with Sharia Law launches in London on Wednesday 22 September 2004.
The Islamic Bank of Britain's first branch will open on the Edgware Road in London. The bank will be run along strict Sharia Law Muslim guidelines; banning the payment or receipt of interest.
The bank will also not invest in any businesses involved in tobacco,armaments, drugs companies ,alcohol or pornography.This the bank believes will make the bank appeal to anyone in the wider community who is interested in high ethical standards.
The bank will offer current accounts and other finance products such as loans which will be available in November 2004. Small business banking services, mortgages, credit and charge cards will be introduced in 2005.
The bank plans to launch other branches around the Britain initially in Birmingham and Leicester with an additional eight branches opening planned next year..
The Islamic Bank plans to introduce Internet banking in April 2005. |
