Islamic Banking in Britan

Sharia Finance

What is Islamic Finance?


The basis for all Islamic finance lies in the principles of the Sharia, or Islamic Law, which is taken from the Qur'an and from the example of Prophet Muhammad (peace be upon him). The Islamic form of finance is as old as the religion of Islam itself.

Central to Islamic finance is the fact that money itself has no intrinsic value. As a matter of faith, a Muslim cannot lend money to, or receive money from someone and expect to benefit – interest (known as riba) is not allowed. To make money from money is forbidden – wealth can only be generated through legitimate trade and investment in assets. Money must be used in a productive way.

The principal means of Islamic finance are based on trading – it is essential that risk be involved in any trading activity. Any gains relating to the trading are shared between the person providing the capital and the person providing the expertise.

Islamic Bank of Britain is a stand-alone bank. We are not part of a larger conventional group that combines Sharia banking and conventional banking.

Sharia Supervisory Comittee

To ensure that the products and services offered by IBB are and remain Sharia compliant, IBB has appointed a Sharia Supervisory Comittee (SSC) which is a committe of scholars experienced in Islamic finance and Sharia law. You can read the background of our SSC members by clicking here.

The SSC ensure that IBB remains Sharia compliant and they will certify this by issuing a legal opinion (fatwa). All our products have been reviewed by our SSC who have issued a Sharia certificate which can be viewed on our website on the relevant product page.

Sharia compliance is at the heart of IBB's operations and we always welcome input from our customers.

Sharia Supervisory Committee

The members of our Sharia Supervisory Committee are:

Sheikh Dr Abdul Sattar Abu Ghuddah
(Chairman of the Sharia Supervisory Committee)

Sheikh Dr Abdul Sattar Abu Ghuddah is one of the world’s leading scholars in the field of Islamic finance. He holds a PhD in Islamic Law from Al Azhar University, Cairo, Egypt.

Dr. Abdul Sattar has taught at various institutes, including the Imam Al Da'awa Institute in Riyadh, the Religious Institute in Kuwait and the Sharia College and Law faculty at Kuwait University. He is the Secretary General of the Unified Sharia Supervisory Board of Dallah Albaraka Group in Jeddah, a member of the Islamic Fiqh Council in Jeddah and a member of the AAOIFI Sharia Board. For further information, please click here.

Sheikh Nizam Muhammed Saleh Yaqoobi

Sheikh Nizam is a member of a number of Sharia Supervisory Boards including the Dow Jones Islamic Index, Bahrain Islamic Bank and the Citi Islamic Investment Bank. He is also a member of the AAOIFI Sharia'a board and has been a visiting lecturer at Harvard University. For further information, please click here.

Mufti Abdul Qadir Barkatulla

Mufti Barkatulla is a prominent Sharia scholar with a strong background in economics and finance. He is a member of the Sharia Supervisory Committees of several Islamic financial institutions including United National Bank, Alburaq of Arab Banking Corporation London and Lloyds TSB. He is also a member of the Islamic Sharia Council. For further information, please click here.




Samir Alamad
Sharia Compliance Officer (internal)

Samir is a member of the Accounting and Auditing Organisation for Islamic Financial Institutions and is Certified Sharia Advisor and Auditor. He advises the Bank as an internal representative of the Bank’s Sharia Supervisory Committee (SSC), and undertakes regular Sharia compliance audit and monitoring of the Bank’s operations.

He obtained an MA degree in Islamic Banking Finance and Management from Loughborough University and holds a Post-Graduate Diploma and BA in Islamic Studies from leading universities in Damascus. For further information, please click here. 

Previous Sharia Supervisory Committee members:

Sheikh Muhammad Taqi Usmani

(Retired from the Committee. His advice, guidance and contribution to the development of the Bank has been invaluable and greatly appreciated.)
Sheikh Muhammad Taqi Usmani was a member of the Sharia Cassation Board at the Supreme Court in Pakistan from 1982 - 2002; has been Vice President of Dar Al Uloom University, Karachi since 1974; Chairman of Islamic Economy Centre in Pakistan; Chairman of Sharia Board of Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and sits on a number of Sharia boards of other institutions.

Investor Relations

Islamic Bank of Britain is the UK's first FSA approved Islamic Retail bank. IBB commenced banking operations on 12 October 2004.

IBB provides Sharia compliant retail banking products and services using modern management systems and up-to-date information technology and delivery channels.


All our products and services are Sharia compliant as approved by our Sharia Supervisory Committee.

We aim to ensure that our Customers receive excellent service with Islamic financial services which are competitive against those provided by conventional banks.

Last updated 11/05/2011

Online Business Banking

Now you can bank where you want, when you want

Our secure online banking service means it’s never been easier to bank with us. Why wait for your statement? Internet banking lets you access your account and take advantage of a wide range of services.

Our online banking service allows you to:

• Access your accounts at your convenience
• View statements and transactions online
• Transfer money between your accounts
• Pay bills
• Change your password
• Use secure messaging facility and access to online help
• Make multiple payments
• Set up secondary users

How to apply

To apply for our online business banking service you must hold a Business Current or Savings account with us.

Existing customers

It's simple. As an existing customer simply download and complete the Online Banking Application Form and return it to your local branch or post it to us

For your own benefit and protection you should read the Online Banking Special Conditions carefully before you sign and return the form.

New customers

To discuss your business banking requirements visit your local branch or call our Customer Services team on
0845 6060 786.

Our postal address is:

Islamic Bank of Britain plc
PO Box 12461
Birmingham
B16 6AQ

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