Noticed this bank new to the market recentley. any comment would be welcomed

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aldwickk,

Please do not spam this or any other thread.

Regards

Ian

Up two days in a row.
I do think this is worth looking at.

John,noticed your IBB enquiry yesterday.Check out www.dib.ae this is the web site of the Dubai islamic bank and should give you some more info.Islamic banks compete side by side with conventional banks here in the middle east and do very well.I won't bore you with my theories as I am very new to share trading and have jumped in more on gut feeling and local knowledge.Only to the tune of 3000 shares.hope the web site will help.Good luck.

As I have told you all, it is still static at 27.5p, not much of a premium...not worth buying.

hlyeo98, I'm not in yet but considering buying. Could you elaborate when you say "not much of a premium...not worth buying". look foward to your views.

opening more branches next year and internet banking. Talked to Muslim friends in Birmingham, they all intend to open accounts. Next year will be very interesting I hope.

News


Business News Article

Islamic Bank of Britain sets its sights on Europe Oct 8 2004




Birmingham Post


The fledgling Islamic Bank of Britain is already considering a move into mainland Europe from its base in Birmingham.

Managing director Michael Conlon said the Aim-listed bank, the first wholly Sharia'a compliant retail bank in the UK and possibly western Europe, had beaten all its targets in its first few weeks of operations.

Speaking at a celebratory lunch at the International Convention Centre yesterday , Mr Conlon said the bank had its "sights set on a wider European presence".

He told guests: "Some 14 million Muslims or so reside within western Europe and they too are lacking in banking services which are compliant with their religious needs.

"We are confident that having built up an initial successful track record here in the UK, we have a business model which can be easily transported to other jurisdictions with an attractive proposition to present to the wider European consumer."

IBB, which has its head office in Hagley Road, recently opened its first branch, in London's Edgware Road.

A second will open in Coventry Road, Small Heath, Birmingham, later this month to be followed by a third in Leicester.

Mr Hanlon told The Birmingham Post that IBB planned to open branches in every UK city with a sizeable Muslim population.

"When we opened the Edgware Road branch we were a little overwhelmed by the response and I had to send extra staff down to London to help handle the volumes," he said.

Islamic principles prevent the paying or receiving of interest and any money invested must be in ethical funds that do not deal in tobacco or alcohol stocks.

IBB's retail products, which are approved by City regulator the Financial Services Authority, have been designed with the help of specialist Sharia'a scholars.

In the case of a mortgage, the bank buys the property on behalf of the customer who then pays the bank rent equivalent to the monthly mortgage repayment until the debt is paid off when ownership passes to the customer.

The removal of double stamp duty on such transactions has increased demand among the UK's estimated 1.8 million Muslims and mainstream retail organisations such as the West Bromwich Building Society and HSBC, the high street bank, have moved in on the market.

But IBB is the first bank to offer consumers a full range of retail banking services and demand is already high, according to Mr Conlon.

Its accounts and loans are available also to non-Muslims and the bank expects to win trade from the big western institutions alleged by critics to be ripping off their customers.

Simon Murphy, chief executive of Birmingham Forward, said: "The launch of the Islamic Bank Britain is a statement of confidence in the strength of Birmingham's financial services sector."

IBB currently employs 55 staff, 65 per cent of whom are Muslims, and expects numbers to grow to about 250 within five years.

Its Aim flotation was heavily oversubscribed and raised its capital base from 14 million to 50 million.

Trading in IBB shares starts on October 12.




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