adminIslamic Bank of Britain plc (IBB), the UK’s only wholly Sharia compliant retail bank, is hosting an event in Birmingham dedicated to improving the local community’s understanding of Zakat (alms-giving). The event is being held with support from the National Zakat Foundation, (NZF), a charity which promotes knowledge and understanding of Zakat, and collects and distributes funds to Muslims in the UK.
The Zakat information evening will be held on 16th May 2013 at Islamic Bank of Britain, 394 Coventry Road, Small Heath, Birmingham, B10 0UF from 7.00 pm – 8.30 pm.
Zakat is one of the five pillars of Islam which requires Muslims who have a defined minimum amount of wealth to annually pay a fixed portion of that wealth to those in need. Zakat empowers communities through the re-distribution of wealth. It shares a common purpose with Islamic finance which works to provide an ethical financial system based on partnership, social responsibility and entrepreneurship.
The event has been organised in response to findings from a national survey, commissioned and conducted by NZF and IBB in 2012, looking into the habits of British Zakat (alms) payers. It found that only 60% of respondents were confident in their ability to calculate their Zakat accurately and rated their own knowledge of Zakat as lowest out of all five pillars of Islam.
The information evening will therefore consist of a brief presentation on Zakat by Iqbal Nasim, Director of the NZF. He will clarify the role of Zakat in Islam and explain the principles and practicalities in order to improve attendees’ understanding. This will be followed by an informal Q&A and discussion session.
Commenting on the event, Umar Farooq Ali, Manager at IBB Birmingham branch says, “The IBB Zakat event is a good way for members of the community to refresh their memory on this important aspect of Islam. And with Ramadan just a few months away, now is a good time. The joint IBB/NZF survey of 2012 highlighted a need amongst the community for more information about Zakat. It was important, therefore, that IBB responded to this by arranging an information evening for the local community. I expect the event to be very strongly attended.”
IBB was formed in 2004 and has attracted over 50,000 customers. The Bank offers the largest range of Sharia compliant retail financial products in the UK and these include current, savings and business banking accounts, Home Purchase Plans and Buy to Let Purchase Plans. IBB also works with carefully selected partners to offer Sharia compliant wealth management products and services.
In order to ensure that the products and services from IBB are genuinely Sharia compliant, IBB has in place a panel of respected Sharia Scholars, called the Sharia Supervisory Committee (SSC). Their work is supported by a dedicated Sharia Compliance Officer (SCO). Both the SCO and the SSC are trained experts in the interpretation of Islamic law and its application within modern day Islamic financial institutions. They both review every product and aspect of IBB’s business operations to ensure that Sharia compliance is always maintained.
