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

Amid all the excitement, a question:
What happens if the bank have to repossess?
Would that happen in the normal standard way?
Excuse the ignorance..

Also,who pays for maintenance,the owner IBB or the tenant?

Budget boosts Islamic Bank

One of the main beneficiaries of last week's Budget was the Islamic Bank of
Britain (IBB). The group saw its shares soar 143 per cent to 65p this week
after Gordon Brown said that Sharia'a-compliant bank accounts will be taxed
on the same basis as conventional ones, allowing the group to develop more
products.

http://www.addicted2shares.co.uk

azhar
luck seems on your side with this one,
you deserve it,

Excuse my ignorance, but having worked and been in many Islamic countries, one of the cornerstones of Islamic banking is that it makes no profit from the money and nor does the customer. That's why you get 0% interest credit cards, 0% rate mortgages, and also you no interest on your savings. Is it really an Islamic bank, and if it is, then, well, I wonder whats going on.

From their final results

"There is no difference between the retained loss for the year and the retained
losses on an historical cost basis.

The result for the year is derived entirely from continuing activities.

There were no recognised gains or losses in the year other than the loss set out above "


I must admit to being lost here as to why the shares are suddenly wanted ?!

Perhaps a tipsters play.

If you miss a repayment on a sharia mortgage, do they chop your hands off?

The most successful bank in Bangladesh is Islamic bank.Islamic bank will have a great impect on banking system here. Jews will forse TALABIB to order WHITEHOUSE to instruct British authority to shut Islamic bank. This will be the end of the story.

This no interest deal sounds good for the borrower, but who in their right minds is going to lend money to the banks for nowt?

acw - an interesting though somewhat illiterate and naive posting.

Are you for real?

acw: I'm not very surprised that an Islamic bank is successful in an Islamic country like Bangladesh. I don't think that anyone, Jewish or otherwise, can force the British authorities to close a Bank that obeys British laws.

Surely the key question is whether the Bank actually can truly follow Sharia law while operating in in a competitive Western banking environment.

Derek

Why does the phrase: "A one bit brain with a parity error" spring to mind when reading acw's post?

There is no such thing as British authority to NWO people. They run the world from TALABIB.

Here we go guys the next leg up has begun. good luck all. looks like most people are confused with the way this type of bank works. In Islam making money is allowed (LOL!),it's the usuary which is forbidden i.e to lend money and expect more back without any effort. Buying and selling is well respected, our beloved prophet Mohammad (pbuh)was the best amongst all in all things. He was also a well respected and trusted business man.

IBB buy the house so the deeds are not on your name. They rent the house and you pay a monthly rental fee, in the end they transfer the deeds to the rightful owner. Throughout this process you do end up paying around the same amount as with a conventional mortgage.

OK moving up nicely today people!
:>)

You must have made a killing azhar!!

Yes being greedy at the moment. me thinks there's plenty more steam left.

Good for you azhar!
:>)

up another 17% to 89p. I'm out for now. good luck all.