http://tinyurl.com/59zzw8  Typical Swedish Muslim Women

Published: 1 Aug 08 18:37 CET
Online: http://www.thelocal.se/13432/

Sweden’s Muslim population could soon have their very own bank. A British bank is looking to expand its business and has been in contact with the Financial Supervisory Authority (FI), Sveriges Radio reports.

 
The Islamic Bank of Britain (IBB), which pioneered Islamic banking in the UK when it first opened its doors in 2004, could soon open a branch with the aim of serving the Muslim population in Sweden.

“We got in contact with the Swedish authorities a while ago. At the moment it is a question of preparing our next step,” said Shaher Abbas for IBB.

The Islamic Bank of Britain was formed in 2002 with the aim of meeting the financial needs of the British Muslim population and is backed by investors in the Middle East.

IBB now offers internet banking and savings products and has 60,000 customers at its eight branches across the UK.

The company is now planning a European expansion with branches in Germany and Sweden, according to Sveriges Radio.

IBB’s business is based on the principles of Islamic finance which stipulate that savings and loan products are offered without the use of interest.

“We make every effort to ensure that we do not compromise the principles of the Islamic faith by mixing our funds with interest bearing funds. We fund all our operations on a Sharia’a compliant basis,” the company explains on its website. 

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