Islamic Bank of Britain reduces losses in 2008
Islamic Bank of Britain, which offers Sharia-compliant banking services for individuals and businesses, reduced its loss by 15 % to GBP 5.9 mn in 2008 down from GBP 6.9 mn 2007. The bank put the reduction down primarily to growth in fee and commission income.
The customer numbers increased by 10 % to over 47,000 and deposits increased by 15 % GBP to 158 mn.
Two new major products were launched, an Islamic home finance and a 60-day notice savings account, which was launched in December 2008.
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