Councillor Tariq Khan welcome first Islamic Bank
August 9, 2004 9:37 AM
Councillor Tariq Khan
Banking regulators have given permission for the first British-based Islamic bank to start operating. The Islamic Bank of Britain will have its headquarters in Birmingham. Washwood Heath Councillor Tariq Kahn said "I welcome this move, Birmingham and the United Kingdom have many Muslims who would like to use an Islamic bank, whilst other banks offer services to Muslims they do not operate under Sharia law. This new venture will allow Muslims to bank whilst observing Sharia law."
Under Sharia law the bank cannot charge interest but will instead buy items and lease them back to people. The Islamic Bank of Britain has also promised not to invest in companies associated with tobacco, alcohol or pornography.
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