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Islamic Bank offers new sharia products(and just what they be? “How to books on Polygamy and Honor Killings? The joys of beheading? How to destroy a woman by FGM and force her to remain silent?)  comments by Allyson Rowen Taylor

Birmingham-based Islamic Bank of Britain plc has highlighted the launch of a new home purchase plan, a new desposit account and an upgrade in technology after posting improved interim results.

The country’s first national bank offering Sharia-compliant products said its first-half pre-tax loss narrowed due to increase in its operating income and a reduction in operating expenses, adding that it looks forward to continued improvement and growth.

For the six months to June 30, the bank reported a pretax loss of £3.059 million against £3.876 million the year earlier, while operating income rose 22 per cent to £2.624 million. Operating expenses for the period reduced six per cent to £5.684 million.

Chairman Mohsen Moustafa said that despite adverse market conditions, the bank continued to show steady growth in customer numbers, deposits and financing thanks to the launch of a number of new products.

He said: “In July the bank launched its home purchase plan. This product represents a major investment in the bank’s future and will become a key product in the bank’s forthcoming marketing and sales initiatives.

“The product follows the bank’s commitment to provide Sharia-compliant, innovative products with the home purchase plan being the only product of its kind that allows customers to fully apply online. This extends the bank’s reach to customers nationwide.”

continue   http://www.birminghampost.net/birmingham-business/birmingham-business-news/legal-business-financial/2008/09/19/islamic-bank-offers-new-sharia-products-65233-21858981/

 

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