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

azhar
Thanks - not too well up on sharia law - is it something to do with zirkat (sp?) - as one of the pillars of islam ??

Sharia law covers everything in life from birth to death from running a home to running a business, punishment etc..

Zakah is one of the 5 pillars of Islam which means everyone with more than about 650 (current rate) and has had that amount saved for at least 1 year will need to pay 2.5% to the poor and needy.

Ill send you all my address pronto then :-)

azhar
Thanks for that - it's one of the many admirable aspects of Islam that gets lost in these difficult times.

I'm not a religious person myself but have regard for those for whom faith is a constant in their life. As long as it is not used as an excuse to get involved in those things for which it is not intended ;)

Iain, LOL!

Up a bit today I see.
Hope the price starts to pick up now. Have a feeling IBB will do well.
I read somewhere they plan to do internet banking next year.

This kind of banking system is too difficult to operate in modern societies. Don't think it will do well. Refer to this week's Investor's Chronicle.

I could see no article in Investor`s` Cronicle.

Still 27.75p after all this time...so static.

New branch opened in Birmingham this month and more to open this year. I rang them to find out about Mortgage products. They were very helpful but have no product until later this year. I know an ex bank manager who has just purchased shares. Very little down side.

Downside is 100% same as any other share.

You know what I mean Dill. IBB is regulated by the financial sevices authority, this being the difference between this bank and other foreign Islamic banks that have failed. I think my cash is safe, but if you want 100% safety put your money in the builing society.

it will be 27-30p by end of year

If you think that just dont buy any. They will at some time give a dividend too I would think.

johngrinsell, I agree with you there is a lot of backing by the Arabs and we all know they have a lot of dosh. this will be going place and they already have 20 million in the bank. expanding all the time and soon will stretch out to Europe. One to buy and hold in my opinion.

Azhar
I phoned them the other day and they were really helpful. It was a refreshing change to talk to someone who was interested in what I had to say. I would be really interested in there mortgage product later this year. I`m sure people are thinking this bank is just for muslims, but I think that when they start to grow people like myself who are not muslim will become more interested.

Hi
It will be 35 p in april.Its interim report is coming in april.hold for a ride

Up 20% in the last 2 days.

Amazing performance in last couple of days. Only thing I've seen is that they have started Internet banking. I think there will be strong demand for mortgages when they start as existing Islamic mortgages are still making profits for non Islamic banks. The only question is what price do you put on IBB? We'll have a better idea after the results.