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Analysis & opinionSeptember 1 2004

Europe’s first Islamic bank opens its doors

Islamic Bank of Britain (IBB), Europe’s first Islamic bank, plans to raise £38.5m to develop a branch network prior to its listing on the UK’s Alternative Investment Market (AIM) in the autumn. IBB, which was licensed by the UK’s Financial Services Authority (FSA) in early August, is the first Islamic bank in the UK and plans to provide a full range of retail banking services on a wholly Sharia-compliant basis, primarily to the UK’s 1.8 million Muslims.

by Banker Editor

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