PracticeConsultingMuslim businesses offered financial services

Muslim businesses offered financial services

Bank offers Sharia-compliant financial products to Muslim business community

The Muslim small business community is being offered Sharia-compliant
financial services for the first time from a UK bank, in a move that could
prevent Muslims from searching overseas or face compromising their faith.

Under Islamic law the giving and receiving of interest is forbidden, but very
few business services comply with this rule in Britain.

The Islamic Bank of Britain claims to be the first to offer a full range of
business and accountancy services to the Muslim small business community in what
it claims is a growing market.

‘The ratio of Muslims in this sector is more than three times the national
average, said Michael Hanlon, managing director of the bank. ‘There has been no
UK banking option open to them which is spiritually acceptable.’

The bank is offering savings accounts, unsecured finance and current
accounts.

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