Advertisement

Compare
IBB Financial Products

Compare a range of financial products and services available from IBB. Read our section reviews, find a product that's right for you and apply online.

The Islamic Bank of Britain is a UK commercial bank, established in August 2004 to provide Sharia compliant financial products and services to Muslims living in Britain.

The bank currently has 6 branches across Britain, and although non Muslims can hold accounts with the bank, it is the first UK bank to fully operate to Islamic principles.

The Islamic Bank has four main values: faith, value, convenience and trust. Since the bank began operating, it has had a successful impact in the Islamic Sharia Market, reaching out to 30,814 customers within the first 2 years.

Islamic Bank of Britain is authorised and regulated by the Financial Services Authority and a member of the Financial Services Compensation Scheme, offering protection of up to £85,000 per customer should the bank face financial problems.

 

Islamic Bank of Britain bank accounts are Sharia’a compliant allowing you to take care of your essential day-to-day banking needs without compromising your principles. None of the accounts offered by the bank pay customers any interest, nor do customers pay any interest to Islamic Bank of Britain.

 

Islamic Bank of Britain (IBB) offer a great savings account that has been approved by its Sharia'a Supervisory Committee, allowing you to be sure that your savings earn a halal return.

The IBB Direct Savings account has been designed to provide you with a great rate of profit and easy access via its internet banking service, allowing you to manage your account 24 hours a day, 7 days a week. You can also  operate your account through the post.  

You can deposit funds into your Direct Savings Account either by transferring money from another account online or by money transfer (BACS); by posting a cheque to IBB's Head Office.

You can withdrawal from your account by making an online transfer from your Savings Account to another account, by writing to IBB's Head Office requesting a payment to a third party account or instructions to make a withdrawal – in which case you will be sent a cheque.
Islamic Bank of Britain (IBB) offers great fixed rate bonds to customers that currently have a savings account with the bank.

IBB fixed rate bonds let you save money over a fixed period of time with a guaranteed fixed profit. This allows Muslims to invest money without going against Sharia’a principles, while providing better returns than those available in an IBB Savings Account.

IBB only ever invest your money in Sharia'a compliant products and services, so you can be sure that your money is being used ethically.

Islamic Bank of Britain fixed rate bonds require a minimum deposit of £5,000, and can be saved for either 3 or 6 months, with profits calculated and accrued every month and paid at the end of the term.

You can make a deposit into your account either by cash, cheque or transferred from another account.

As Sharia’a principles state that you cannot be offered interest, the bank will make Sharia’a compliant investments on your behalf and share any profits with you. This agreement is known as Mudaraba, and is approved by IBB's Sharia’a Supervisory Committee.
Muslims living in Britain are now able to take advantage of sharia'a compliant mortgages in order to secure a place on the property ladder.

Available through the UK's first FSA (Financial Services Authority) approved Islamic bank established Sept 2004, Islamic Bank of Britain (IBB) offer a great new Home Finance plan.