UK Islamic bank to launch £40m public offering

MANAMA - The Islamic Bank of Britain is to launch a public offering for shares worth 40 million pounds (73 million dollars), raising the capital of the country's only Islamic bank to 54 million pounds, its president said in an interview published here yesterday.

By (AFP)

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Published: Fri 13 Aug 2004, 11:50 AM

Last updated: Thu 2 Apr 2015, 11:45 AM

IBB which was granted formal approval to operate by Britain's Financial Services Authority on Monday is due to offer the sale of 160 million shares worth 40 million pounds, Abdul Rahman Abdul Malik told the Akhbar Al-Khaleej daily in Bahrain. "The move is meant to help the bank implement its strategy of expansion across a number of countries in the European Union," said Abdul Malik. IBB which is due to open the doors of its first branch next month in London, is the first bank in Europe to specifically address the needs of Muslims, of whom there are 1.8 million in UK alone.

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