BIRMINGHAM-based Islamic Bank of Britain has launched a new programme to try and broaden the understanding of Sharia banking.
The IBB, the UK’s only wholly Sharia compliant retail bank, is staging an event at its base in Coventry Road, Small Heath, where it will aim to shed light on its alternative savings model.
The event will feature a presentation on the bank’s various savings plans followed by an informal Q&A and discussion session, covering IBB’s future plans since becoming part of the Masraf Al Rayan group, Qatar’s largest Sharia compliant bank.
Umar Farooq Ali, manager at IBB Birmingham, said: “Until now, British Muslims have been unable to save in a way that is both tax efficient and Sharia compliant. IBB is proud to have launched the UK’s first Sharia compliant Notice Cash ISA and the forthcoming event will explain why the product is a must-have for anyone looking to maximise the return on their savings.
“With ISA season upon us I am expecting that the local community will be keen to learn more and that the IBB information evening will be very well attended.”
As an Islamic Bank, IBB does not pay interest to its savers. Instead, this rate is offered as an 'expected profit rate', because the bank invests the depositors’ funds into Sharia compliant and ethical trading activities. As part of the agreement between the customer and the bank, IBB monitors the target profit rate on a daily basis to ensure that it is achievable and will be able to provide the return offered to the customer.
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