UK - FINANCE - Islamic Bank of Britain launches Sharia compliant B2L mortgage alternative

mortgagestrategy.co.uk - Islamic Bank of Britain has entered the buy-to-let mortgage market with the launch of its Sharia compliant buy-to-let purchase plan.

Landlords of any faith looking for ethical and Sharia compliant finance can access IBB’s buy-to-let purchase plan with a deposit of only 25%.

To mark the launch IBB have also announced a promotional procuration fee of 0.5% gross, payable on referrals that drawdown prior to March 31 2012. (source)

UK - Britain gets boost from TheCityUK

The Islamic finance sector in the UK has received a major structural boost following the integration last week of the UK Islamic Finance Secretariat (UKIFS) into TheCityUK, the independent body promoting UK-wide financial and related professional services. UKIFS, which was established in March 2010, is the leading cross-sectoral body assisting with the promotion and development of Islamic Finance, both domestically and to represent the UK industry internationally. (source)

UK - IFAs set to offer a pioneering Sharia compliant investment service to clients

A new potential revenue stream for independent financial advisers (IFAs) has been created with the availability of a Discretionary Portfolio Service (DPS) accredited by Islamic Bank of Britain (IBB) as Sharia compliant. The DPS is a service that provides a range of investment portfolios comprising Sharia compliant assets. The DPS allows IFAs to tap into a large pool of customers looking to maximise their wealth with Sharia compliant and ethical returns.  (full story)

UK - Qatar's QIIB to buy out Islamic Bank of Britain

* Offer values Islamic Bank of Britain at around 25 mln stg
* Offering 1 pence per IBB share, 70 pct discount

LONDON, March 16 (Reuters) - Qatar International Islamic Bank (QIIB) QIIB.QA has agreed to buy full control of the Islamic Bank of Britain (IBB) (ISLB.L) as part of QIIB's plans to develop an international banking business compliant with Sharia laws.

The deal values the British bank at around 25 million pounds ($40.19 million). (full story)

UK - London winning race to capture burgeoning global Islamic finance market

LONDON (AP) - The cavernous ballroom of a London hotel is buzzing with the sound of networking and deal-making between hundreds of bankers, lawyers and investors from the Middle East, Asia and Europe.
The annual Islamic Finance conference in the British capital has grown exponentially over the past decade, attracting all the key international players and underscoring fears that political rhetoric is leaving the United States sidelined in an increasingly lucrative global industry. (source)

UK - UK leading the world in Islamic Finance

Manama, Bahrain: Following the success of the World Islamic Banking Conference (WIBC) in Bahrain, the UK has been praised as the leading Western centre for Islamic finance and one of the world's most attractive destinations for Islamic banks.

The conference, supported by UK Trade & Investment (UKTI), included an expert panel from the UK, which led debates on the future of the sector, both in the UK and around the world.

This panel included three members of the UK Islamic Finance Secretariat, as well as representatives of leading advisory firms.

UK - Praemium to launch UK Sharia portfolio service

Investment management platform provider Praemium has been appointed by the Islamic Bank of Britain (IBB) to launch the UK’s only Sharia compliant retail discretionary portfolio service.

IBB stated Praemium’s discretionary portfolio service would give investors the chance to set up investments through its independent financial advisers. It added that the service would appeal to the full spectrum of investors seeking Sharia-compliant investment options, including high-net-worth investors who typically used a discretionary asset manager or investment adviser, and group pensions and employers looking for a solution for their Islamic employees.

UK - Two board members at Islamic Bank of Britain resign

Two members of the board of Birmingham-based Islamic Bank of Britain (IBB) have resigned.

The bank’s chairman Mohsen Moustafa will step down from 31 December and non-executive director Abdul Hakim Al Adhamy is to resign with effect from 10 November, the Aim-listed bank said in a statement to the stock exchange.