The additional capital will allow IBB to realise product development plans including the growth of its Islamic mortgage alternative, the Home Purchase Plan. IBB immediately released details of two new products to be launched as a result of the capital injection.
Coinciding with the Islamic holy month of Ramadhan, IBB will today launch a 3.99% fixed rental rate product until January 2012 and a variable rental rate product at 4.99%.
Established in 2004, IBB is the UK’s only stand-alone, Sharia compliant retail bank. With an established retail brand in the UK banking sector, the additional capital enables IBB to reinforce its position as the pioneer of Sharia compliant banking.
In the face of challenging conditions for the British economy, the Bank has grown its deposits, assets and customers every year since its launch in September 2004. The Bank reported customer deposits of over £186million, customer financing at £46million and nearly 50,000 customers in its 2009 financial statements.
Commenting on the investment, Sultan Choudhury, Commercial Director, IBB, said:
“IBB already offers the largest range of Sharia compliant products and services in the UK. With a fresh injection of capital we are well placed to grow the business through our Home Purchase Plan products. The products will offer peace of mind for customers, both financially and spiritually, which is especially important in the holy month of Ramadhan.”
