New bank adheres to Islamic law

LONDON, England (CNN) — Western Europe’s first retail bank built around Islamic law, or Sharia, has opened for business in London.

The Islamic Bank of Britain (IBB), which does not permit the paying or charging of interest fees, began operation Wednesday with the goal of attracting Muslims and non-Muslim alike.

The IBB says three-quarters British Muslims practice their faith, giving the new bank more than one million ready-made customers.

Kolsum Bukhari-Butt is the type of customer the new bank is looking for.

Like many Muslims, Bukhari-Butt wants to run a business and follow her faith.

She believes her westernized Muslim Hijabs, or head scarves, could be a big seller in Britain — if only she could get a start-up loan from a bank that will not change interest.

“I’ve had huge interest from the Muslim community. They want to buy the scarves. The only problem is, I do need to borrow some money,” she said.

Still, the IBB admits its savings accounts and mortgage products will have to be competitive to catch on.

“We just want to make sure the product is competitive in terms of pricing, whether is a deposit product or whether its a financing product,” said IBB spokesman Waheed Qaiser.

“Because the customer will only come to us if we are able to offer a product which is not only Sharia compliant, but also competitive.”

Instead of giving interest on savings accounts, Sharia banks buy and sell properties and commodities and shares any profits with investors.

Sharia banks will not do business with companies like weapons manufacturers and tobacco makers.

“This is not a bank solely for Muslims,” Michael Hanlon, the IBB’s managing director. “The proposition we are putting onto the market is going to be marketed out there as an alternative to conventional banking.”

The IBB plans to open another dozens branches in Britain over the next year and hopes to soon expand through Europe.

And if that proves successful, the IBB could open branches in the Middle East.

Read Another Article

Cat Stevens case ‘slap in the face’
‘Weedman’ sues, says he was fired for his beliefs

Related News Articles Topic(s): Islam Subscribe to Religion News Blog updates Subscribe to Religion News Blog [What is this?] Get Religion News Blog's headline by Email [What is this?] Follow Religion News Blog at Twitter Find Related Information Use our custom search engines to find additional research resources on religions and cults: ApologeticsSearch.com: Search for apologetics articles, books, videos, and other research resources across 135 Christian apologetics websites and blogs. CounterCultSearch.com: Search for information about (religious) cults, cult-like organizations, and cults experts -- as well as paranormal-, New Age, and pseudoscientific claims -- across 260+ websites, blogs and forums dedicated to cult research, spiritual abuse, ex-cult counseling & support. Find Related Religion & Spirituality Books at Amazon.com Islam Possibly related... or Most Popular Religion News Articles Kent Hovind: Evangelist arrested on federal charges Beast’s real mark devalued to ’616′ Muslim Woman Gives Sex Advice on Arab TV Michael Jackson Confirms Conversion to Islam Kent Hovind, ‘Dr. Dino,’ guilty on all counts The fall and rise of Carlton Pearson Search False prophet Harold Camping sets another date for rapture: May 21, 2011 Watch the film Theo van Gogh was murdered for Kent Hovind — Dr. Dino — sentenced to 10 years in prison

Search Religion News Blog