British Shari'a Watch
Sun, Aug 8, 2004 at 6:34:01 pm PDT
British financial authorities give green light for Islamic bank.
LONDON (AFP) - Britain’s financial services watchdog gave the go-ahead for the first Islamic bank in Britain to open its doors.
The Financial Services Authority’s (FSA) decision means that the Islamic Bank of Britain will be able to open its first branch in London next month, offering its clients financial products respecting Islamic Sharia law.
Its headquarters will be in Birmingham, England’s second city. Other branches are planned for Birmingham and Leicester, cities in central England with a large Muslim minority.
The Islamic Bank of Britain (IBB) will allow 1.8 million British Muslims access to banking strictly in line with Islamic law. The Sharia bans the payment of interest on loans and investment in sectors such as alcohol and tobacco.

