Islamic Bank of Britain completes first Scottish business finance deal

The Islamic Bank of Britain (IBB) has completed its first finance deal in Scotland for Al-Meezan, a non-profit, non-political organisation based in Glasgow. The deal for commercial property finance, valued at £400,000, has enabled Al-Meezan to complete renovation and extension work at its premises. It also includes refinancing of the credit for the initial building works, making Al Meezan's finances fully Sharia compliant. IBB 's commercial property finance is tailored to the needs of the customer, and is in line with Scottish law. In this case, the product uses the Islamic finance principles of Musharaka with Ijara. IBB expects continued interest in its offering, particularly in Scotland where there is a growing interest in Islamic and ethical finance.

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