25th January 2010 - Islamic Bank of Britain, IBB, (www.islamic-bank.com) received the highest available industry recognition for its knowledge of Sharia compliant auditing and finance principles following certification from the Accounting and Auditing Organization for Islamic Financial Institutions. AAOIFI (www.aaoifi.com) is an independent, Islamic, international, not-for-profit corporate body that prepares accounting, auditing, governance, ethics and Sharia standards for Islamic financial institutions and the industry worldwide.
Certification from AAOIFI was awarded to Samir Alamad, IBB's Sharia compliance & product development manager who undertook his exam, tested in Arabic, in order to qualify for the rigorous qualification and went on to receive the highest marks so far achieved.
Alamad is one of only four individuals in the whole of the UK who has received this certification, and represents the only person from a UK-based Islamic bank.
As a result of receiving this certificate, comparable to the Associate of the Institute of Chartered Accountants in England and Wales (ACA) qualification, Alamad now has the highest international authority to advise Sharia compliant financial institutions on Sharia compliance and product development.
Alamad received his award from H.E. Sheikh Ibrahim Ibn Khalifa Al Khalifa the Chairman of Trustees for AAOIFI at the AAOIFI & World Bank Annual Conference on Islamic Banking and Finance held in Bahrain last month.
With close links to the World Bank, AAOIFI, is supported by 200 institutional members from 45 countries and is recognised as the leading authority on Sharia compliance and auditing for Islamic finance organisations.
Commenting on the certification, Sultan Choudhury, commercial director at IBB said, "IBB is delighted to receive the AAOIFI certification and congratulates Samir Alamad for what he has achieved on behalf of the Bank. Sharia compliance is at the forefront of IBB's agenda; we consider it a great responsibility to provide genuinely Sharia compliant products and services to our customers, and strive to ensure this by meeting the highest industry standards. As the UK's only wholly Sharia compliant retail bank, this certification from AAOIFI further strengthens our position and places us streets ahead of our competitors who are simply unable to match our Sharia credentials. IBB really is the first port of call for British Muslims seeking genuinely Sharia-compliant financial products."
IBB recently celebrated its five year anniversary as the first standalone Islamic retail bank in Europe and currently has the largest range of Islamic Savings and Mortgage products in the UK. As the UK leader in British Islamic Banking, its position was also recognised internationally when the Bank received an award in June 2009 naming it as the 'UK's Best Islamic Financial Institution' by Global Finance magazine.
The Bank's product range now consists of:
- Home Purchase Plans, the Sharia compliant mortgage alternative
- Current accounts
- Saving accounts
- Treasury deposit accounts
- Business banking accounts
- Finance options including Commercial Property Finance and Personal Finance
-Ends-
About Islamic Bank of Britain
Islamic Bank of Britain has pioneered Sharia compliant retail banking in the UK and has launched a wide range of products, including current accounts, savings accounts and personal finance. The bank was also the first to introduce Sharia compliant Business banking to the UK, and now offers a wide range of institutional and business banking products and services, including commercial property finance.
Several of the bank's products remain unique in the UK retail market (e.g. Sharia compliant personal finance and Sharia compliant online savings accounts).
The bank is authorised and regulated by the Financial Services Authority and meets UK banking regulations and strict safeguards for customer deposits. All products offered by the bank are fully approved by the bank's Sharia Supervisory Committee (SSC).
Sharia compliant banking operates without the use of interest. The products that are offered are structured in a different way to those provided by conventional banks.
Whilst the bank offers products and services that are designed in accordance with Sharia principles, it is an inclusive bank and welcomes customers of all faiths.
Notes to editors:
Interviews with Islamic Bank of Britain are available on request.
The bank should only be referred to as "Islamic Bank of Britain". If abbreviated please use "IBB".
Ghezala Sultan
IFAAS UK Limited (Islamic Finance Advisory & Assurance Services)
Mobile:+44(0)7739337063
Email: ghezala.sultan@ifaas.com
© Press Release 2010
