Islamic Bank of Britain
Paradigm Mortgage Services is pleased to announce an exclusive partnership with Islamic Bank of Britain offering Sharia’a mortgages to our members. Sharia’a mortgages are available to clients from Islamic and Non Islamic faiths.
The Islamic Bank of Britain is the UK’s first FSA approved Islamic bank and the first standalone Islamic retail bank in the western world.
IBB commenced banking operations and launched on the London Stock Exchange – AIM market on the 12th October 2004.
IBB have a wide range of Sharia’a compliant Institutional, Private and Business Banking Products, Savings, Current Account, Personal Finance, Commercial property finance, Home Purchase Plan (HPP), Treasury Facilities and accounts designed for Businesses, Charities and Masjids (Mosques).
IBB are paying the following procuration fee for HPP:
Full application = 0.35bps (gross) – 0.31bps (net)
Referral = 0.20bps (gross) – 0.18bps (net)
How to Register with the FSA
In order for a broker to carry out transactions with IBB they need to have a variation in their permission to advise on, or refer Sharia’a mortgages. Below are the actions you need to take to achieve this:
Step by Step Guide to obtaining the correct Sharia’a permissions from FSA
- Go to FSA website www.fsa.gov.uk
- Go into Notifications
- Applications
- Applying for variations of permissions (only if a full application is to be submitted - not required for referring business only)
- Form required is Finance and General Insurance Mediation Business
For speed you can cut and paste the link below and the correct form is also attached
http://www.fsa.gov.uk/Pages/doing/regulated/notify/permissions/index.shtml
How to Register with IBB
After acquiring your Permissions from the FSA you can complete a full application to IBB. You will however need to register with the Bank and to do this please follow the actions below:
- Complete the Registration Form and Agreement form
- Complete the fact find
- Provide IBB with a copy of your Consumer Credit Licence
- All forms to be sent to our Head Office – HPP Team. Islamic Bank of Britain Plc. Edgbaston House. 3 Duchess Place. Hagley Road. Birmingham. B16 8NH
- Once they have received all the paperwork they can complete their due diligence (this will take up to a week)
- A welcome Email will then be sent with your introducer code for log in purposes.
- Subject to your FSA permissions you can now submit a referral lead or a full application via the website.
- However, if there is an urgent referral you can contact Saquib Ismail. 07920 454312. Saquib.ismail@islamic-bank.com to submit the details.
Click here to go to IBB website and find out more about their products and services.