New internet banking launch set to make Islamic banking more accessible

The British bank that has pioneered Islamic Banking in the UK, Islamic Bank of Britain has launched internet banking to make its unique services available and convenient throughout the UK. The bank, which is an inclusive bank and open to all, believes that this new launch will make it significantly easier for those who want to bank in accordance with their faith.

Islamic Bank of Britain is the only totally Islamic British bank to operate in the UK (while there are other banks in the UK which offer products that follow Islamic principles, all have their origins within non-Sharia'a conventional banks).  The bank also offers a number of products which are not available from any other Islamic banking provider, including halal savings accounts and personal finance facilities.

Comments Ashraf Piranie, finance director of Islamic Bank of Britain:  
"Since 2004 when the FSA gave us permission to launch, we have grown to become a leading provider of Islamic financial services in the UK and were voted Best provider of Islamic Finance in Europe.  We now offer a wide range of products including a current account, savings accounts, term deposits, treasury deposits, unsecured personal finance and home finance.  Whilst we offer products and services that are designed in accordance with the Muslim faith, we are an inclusive bank and welcome customers of all faiths.

"To date, most of our customers have tended to be those who live near to our branches. The launch of our internet banking facility means that our unique service is now available to a much broader range of customers.  In particular we know that there are many young professional Muslims who would like to bank in accordance with their faith, but lead busy lives and require internet banking.  We see the launch of our internet banking as a major milestone in the development of Islamic finance in the UK, which will make it accessible and appealing to many more of the UK Muslim population.  We think we will see the biggest growth in our customers from affluent professional Muslims aged 25-54."

Comments Nazia Maqsood who works as a financial controller and lives in Bury:  "I didn't feel happy about banking with one of the conventional banks which use interest, which is why I switched to Islamic Bank of Britain in the first place.  I already have a current account and savings account.  The problem is I work such long hours and I find it difficult to get into my local branch.  With internet banking it will be so much easier and more convenient to manage my money and I think many more Muslims will consider Islamic banking now too."

Islamic Bank of Britain's internet banking facility means that customers can now do their banking wherever they want, whenever they want, with access to their accounts 24 hours a day.  The Bank also offers telephone banking services 7 days a week.