First British Islamic bank set to open

The Islamic Bank of Britain will be the first British bank to fully operate in accordance with Islamic Sharia’s principles. A range of Sharia-compliant savings products will be offered to Britain's 1.8m Muslims followed by a telephone and postal banking to be launched in November and a mortgage product by the end of the year, assuming regulatory approval. An internet banking service is planned for early 2005 and branches will be opened in Birmingham and Leicester, with more to follow. Under Islamic principles, all money must be invested ethically, so no investment in business deali...