Islamic Bank offers new sharia products(and just what they be? “How to books on Polygamy and Honor Killings? The joys of beheading? How to destroy a woman by FGM and force her to remain silent?) comments by Allyson Rowen Taylor
Sep 19 2008 By Alun Thorne, Head of Business
Birmingham-based Islamic Bank of Britain plc has highlighted the launch of a new home purchase plan, a new desposit account and an upgrade in technology after posting improved interim results.
The country’s first national bank offering Sharia-compliant products said its first-half pre-tax loss narrowed due to increase in its operating income and a reduction in operating expenses, adding that it looks forward to continued improvement and growth.
For the six months to June 30, the bank reported a pretax loss of £3.059 million against £3.876 million the year earlier, while operating income rose 22 per cent to £2.624 million. Operating expenses for the period reduced six per cent to £5.684 million.
Chairman Mohsen Moustafa said that despite adverse market conditions, the bank continued to show steady growth in customer numbers, deposits and financing thanks to the launch of a number of new products.
He said: “In July the bank launched its home purchase plan. This product represents a major investment in the bank’s future and will become a key product in the bank’s forthcoming marketing and sales initiatives.
“The product follows the bank’s commitment to provide Sharia-compliant, innovative products with the home purchase plan being the only product of its kind that allows customers to fully apply online. This extends the bank’s reach to customers nationwide.”