Islamic Banking

Islamic Bank Targets UK Wealthy with New Initiative

Stephen Harris, 1 September 2005

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The European Islamic Investment Bank has applied to the UK’s Financial Services Authority for authorisation to operate in the UK in a bid to...

The European Islamic Investment Bank has applied to the UK’s Financial Services Authority for authorisation to operate in the UK in a bid to become the first shariah-compliant independent investment bank to operate in the country.

It has applied for permission to accept deposits and carry out other regulated activities. Subject to this authorisation the group plans to be operating in the UK by the first half of next year.

The bank plans to offer a range of shariah-complaint investment banking activities, including private banking, asset management, trade finance and a treasury services.

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