QIB-UK, a wholly-owned subsidiary of the Qatar Islamic Bank Group, has won the ‘Best Islamic Bank United Kingdom’ award from The Banker Magazine. This is QIB-UK’s fi rst award of that kind aft er a strong fi nancial performance for the year ending 2018. The bank saw its net profit aft er tax increased by […]
Multiple awards and new chairman of Al-Rayan
At the beginning of February, Al Rayan Bank announced the appointment of Simon Moore as the Chairman of its board of directors.Moore replaces Robert Sharpe who is stepping out after four years of chairman’s role. Also serving as the chairman of Cambridge & Counties Bank , Moore was a member of the management board of […]
Record Year for UK’s Islamic Finance
The UK’s Islamic finance sector continued to grow in 2018 despite the economic uncertainty posed by the lack of a trade deal with the European Union in the aftermath of Brexit vote. The country witnessed its largest ever corporate Sukuk issuance and the launch of several new initiatives such as the Islamic Fintech Panel and […]
ADIB UK Finances US$51.23 million hotel acquisition
Earlier this month, Abu Dhabi Islamic Bank (ADIB) UK, a wholly-owned subsidiary of Abu Dhabi Islamic Bank, closed a commercial financing transaction for the acquisition of a Travelodge Hotel located at London’s Heathrow Airport. The property was acquired by a Saudi-based client for GBP40.3 million (US$51.23 million), with ADIB providing GBP26 million (US$33.05 million) of […]
UK’s first Islamic economy accelerator
UK is set to have its first Islamic economy accelerator named “iE5” to support the growth and success of start-up companies based in the UK or desiring a presence in the UK. Established by a team of Islamic finance leaders and led by Harris Irfan of Gateway and Abdul Haseeb Basit of Ellipses Advisory, the […]
Takaful policies and opportunities in the UK
With reportedly over 10 Takaful providers in the UK, there has not been a strong adoption of Islamic insurance by the Muslim market as one would expect given the growth of Islamic banking and finance in the country. The lack of standardization in the Takaful market could be a key factor for the slow growth. […]