Britain's first Islamic bank will open on London's Edgware
Road in September,2004 after winning a licence from the
Financial Services Authority.
 The Islamic Bank of Britain,with headquaters in
Birmingham,will be owned by a consortium of Arab banks and
UK investors.
It aims to serve the UK's 1.8 million Muslims,unable to use
conventional banks for loans or deposits as they are
forbidden from paying or receiving interest.
The bank will deal in items rather thans loans.If a
customer wants cash to buy a computer it will buy it and
rent it to the customer on hire-purchase.
Its supervisory Committee will be Islamic Scholars who will
check compliance with Sharia Law,which forbids investment
in businesses dealing with interest,alcohol,tobacco,pork
and its bye-products,gambling and pornography.
It will be run by former Barclays Senior Manager Michael
Hanlon.
The Government is keen to allow official regulated Islamic
Banking in Britain.Muslims are currently forced to use
informal networks to meet financials needs,which are hard
to regulate and are thought to provide a Channel for
Al-Qaeda Funding.





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