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Islamic Bank seals first deal

ISLAMIC Bank of Britain, the UK's only wholly Sharia-compliant retail bank, has completed its first finance deal in Scotland.

IBB has made available £400,000 of commercial property finance to Al-Meezan, a non-profit, non-political organisation providing Islamic education in the Glasgow area. The product uses the Islamic finance principles of shared beneficial ownership with a lease element, where IBB and the customer buy the property as partners. The customer makes an occupancy payment and eventually IBB's share transfers to the customer.

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