Banks should not be afraid to go further and faster in their adoption of cloud computing, according to Mohamed Gamil, chief operating officer at Islamic Bank of Britain. IBB currently has a deal with US cloud computing company Salesforce.com. Gamil sai…
The Islamic Bank of Britain has launched a pair of new home finance deals. The IBB will now offer a 2-year fixed rental rate Home Purchase Plan at 3.79% and a discounted variable rental rate HPP at 3.59%. Both plans are available to consumers with a de…
Islamic Bank of Britain (IBB) narrowed its losses in 2012 a week after it raised £10 million ($15.5 million) from majority shareholder Qatar International Islamic Bank (QIIB). Last week, IBB raised £10 million by placing 1 billion shares with QIIB at a price of 1 penny each, raising the number of its outstanding ordinary shares to 4.5bn. In 2012, IBB posted a loss of £6.99m versus a loss of £9m a year earlier. Home financing business helped narrow the gap by nearly doubling to £117m in 2012 versus £61m a year earlier. The bank did not disclose personnel or administrative expenses, which in the past have represented the bulk of its costs. QIIB, which now owns 91 percent of IBB, has been in discussions since last June with Qatari lender Masraf Al Rayan to sell a controlling stake in the British bank.
Islamic Bank of Britain has raised £10m through a placing of 1,000 million ordinary shares at 1p each with its majority shareholder, Qatar International Islamic Bank.
More than 100 West Yorkshire Muslims attended an event in Bradford which focused on Islamic finance. The networking dinner was organised by the Professional Muslim Institute and sponsored by the Islamic Bank of Britain plc and Ummah Financial, two of West Yorkshire’s leading Islamic finance providers. Guest speaker was Imam Qari Asim, senior Imam at Leeds Makkah Mosque.
The Islamic Bank of Britain (IBB) launches a rent only plan, that means a variable rental rate product which is available to landlords of any faith with a deposit of 35 per cent and at a rental rate of 5.49 per cent. The plan offers financing between £30,000 and £500,000 on a minimum property value of £90,000. According to IBB head of sales and services Imran Pasha, there is a growing demand from landlords for Sharia compliant property finance.
The finalists for the inaugural British Muslim Awards were announced. The event will be held on Tuesday, 29th January 2013 in Manchester and honors achievements of Britain’s Muslim individuals, groups and business people. The Islamic Bank of Britain sponsors the event that will also raise money for Mosaic, a charity enterprise.
The deadline for Qatari lender Masraf Al Rayan to come up with an offer for Islamic Bank of Britain (IBB) concerning its takeover has been extended. It initially lapsed on December 10th and was now extended to January 7th. IBB is majority-owned by Qata…
Islamic Bank of Britain (IBB) has brought diversity to its Sharia compliant Buy to Let Purchase Plan product palette by launching a rent only BTLPP. It is a variable rental rate product which will be available to landlords of any faith. The deposit will be 35% and the rental rate 5.49%. Some of the other features of the product are the lack of early payment charge for clearing the finance in full and An administration fee of 1%. In addition, additional acquisition payments can be made without penalty, subject to a minimum amount of £4,000.
Islamic Bank of Britain reported an increase of 63% in home financing and an increase of 43% in long-term savings deposits for the first three quarters of 2012. Key factors in stimulating the growth and demand were the launch and development of new sav…
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