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Saturday, 6 June 2009

Islamic Bank of Britain eyes Middle East customers

Islamic Bank of Britain (IBB) has announced the launch of its premier banking service and the opening of its premier banking office in Berkeley Square, London aimed at catering to customers from the Middle East.

The service has been designed to provide a high quality, personal banking service coupled with competitive long term savings options and Sharia’a compliant property finance to customers.

Driven by low property prices and the current favourable US Dollar/Sterling exchange rate, the UK is attracting a large number of customers coming from the Middle East and GCC countries looking to purchase a property, said Sultan Choudhury, commercial director at IBB.

The bank’s premier banking service has been set up to respond to this demand, he pointed out.

IBB (, Sultan said, was increasingly becoming a more attractive option for overseas investors, particularly in the GCC and Middle East countries, as it is a more stable alternative to conventional banks.

"The bank provides its premier customers a personal service along with Halal products, including the competitive Home Purchase Plan which is the Sharia’a compliant finance option for property purchases in the UK," he explained.

The customer must have a minimum annual net income of £100,000 ($159,782) to apply for IBB premier banking service available to customers in the UK and overseas, Sultan said.

The IBB premier banking service will provide its customers with a personal banking service; premier banking facilities available from a conveniently located Mayfair, London office; experienced fluent Arabic speaking staff and access to a higher amount of property finance - starting from £250,000 and up to £5 million per client.

Under this arrangement, both the customer and the bank will each contribute towards the purchase of the home and both become partners, Sultan explained.

Over the period of the agreement, the customer will make monthly purchase instalments through which he/she will buy the bank’s share. With each instalment paid, the bank’s share in the property decreases while the customer’s share correspondingly increases.

The premier service is being launched with the immediate availability of IBB’s flagship product, the Home Purchase Plan (HPP), a Sharia’a compliant mortgage alternative which is based on the Islamic financing principles of Ijara (Lease) and Diminishing Musharaka (partnership), he added.-TradeArabia News Service
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