• Text size      
  • Send this article to a friend
  • Print this article

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.

Contextual targeting label: 
Finance

Commenting & Moderation

We moderate all comments on HeraldScotland on either a pre-moderated or post-moderated basis.
If you're a relatively new user then your comments will be reviewed before publication and if we know you well and trust you then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules

Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.

200514