Islamic Bank in London
The Sharia-compliant bank has recorded a 449 per cent rise in Islamic savings since 2012 and this week reported a soaring number of applications for its home purchase and buy-to-let purchase plans in 2016.
Al Yayan bank said extraordinary figures reflect general growth in consumer demand for Islamic banking in Britain.
The surge in applications for the two plans received a record number of eligible enquiries last year, marking a 99 per cent increase over the past five years.
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Al Rayan bank
Along with growing demand for home finance, Al Rayan also reported a 47 per cent rise in 2016 of the value of Islamic savings compared with the previous year.
Commercial officer Ken Leach said: “In recent years we’ve worked hard to ensure that ethical, Sharia compliant banking products are as accessible as possible to customers of all faiths.
“We’re therefore very pleased that our products, and Islamic banking in general, is clearly becoming an established part of British retail banking.
Al Rayan Bank in Knightsbridge, central London
“There is still substantial room for growth in this market and we expect demand to continue to rise in the coming years.”
Al Rayan has a Sharia Department and an independent Sharia Supervisory Committee to ensure all of the products and facilities it offers are compliant with Islamic teachings.
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A teller in a Sharia bank
Sharia prohibits acceptance of specific interest or fees for loans of money – known as riba, or usury – whether the payment is fixed or floating.
Investment in businesses that provide goods or services or products, such as pork or alcohol, considered contrary to Islamic principles is prohibited.
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