Islamic Finance in the UK. Habib Bank 5. Islamic law prevents Muslims from paying or receiving interest. Anna Meisel and Peter Oborne reveal how the decision was made. Back to 'Charges and overdrafts' 3. In 2012, it was fined a record £1.2bn ($1.7bn) for … Qatar […] 2 Qatar Islamic Bank. This type of scheme, with some minor modifications, is used in the United Kingdom by HSBC Amanah Finance, Ahli United Bank and United National Bank. This offer is available to all HSBC UK current account customers. Halal Mortgages 11. Qatar Islamic Bank 3. This is how all UK banks must show interest rates on their overdrafts, to make it easier for you to compare one bank’s overdraft with another. Islamic Banks Lists S.No. HSBC has closed its Islamic finance operations in 2012. Dallah Al Baraka 10. The bank makes its profit from the difference between the price it pays for the property (including related transaction costs) and the amounts received in installments from its client. 1 Islamic Bank of Britain. Bank’s Name 1. 3 EIIB (European Islamic Investment Bank) 4 HSBC Bank. Islamic Bank of Britain 2. HSBC Bank 6. Please note that it doesn’t include any fees you might be charged in addition to interest. HSBC’s total UK mortgage portfolio is in excess of £70bn. National Bank of Pakistan 8. [1] Saudi American Bank (UK) Ltd 9. HSBC Holdings is to scale back its global Islamic banking operations and stop offering products in the UK as part of a wider restructuring. The United Kingdom is home to a number of Islamic Banks, as well as a number of window operations offered through conventional banks and is positioned as the leading Western Hub for Islamic Finance with the widest breadth of auxiliary services covering Sukuk structuring, Accounting, Auditing, Education and Consulting. HSBC is the only high street bank to offer an Islamic mortgage service, but smaller specialist banks such as Ahli United Bank, Alburaq, Islamic Bank of Britain have Sharia products. The Ruling on the Permissibility of Financing Properties using Islamic Ijara Mortgages (as implemented by HSBC and other banks in 2004) Many people have enquired about the permissibility under shari'ah of the so-called Islamic ijara mortgages recently announced by banks such as HSBC. Last year international banking giant HSBC suddenly closed the bank accounts of several prominent British Muslims. They ran this under its Amanah Finance brand. Sadly, none of these banks provide Islamic products in the UK anymore. Since then, we’ve seen the larger mainstream banks dip in and out of Islamic finance. EIIB (European Islamic Investment Bank) 4. HSBC itself has been under scrutiny by various governments around the world for money laundering activities. Riyad Bank 7. Bahrain Middle East Bank 12. 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