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Islamic Finance Briefing - Categorized | Banking, Market Moves more

Islamic Bank’s interest rates warning

Posted on 18 March 2009

From Birminghampost.net: Birmingham-based Islamic Bank of Britain has warned the Bank of England’s recent slashing of interest rates to historic lows will mean it will take longer for it to reach break-even point.

The bank, which offers Sharia-compliant banking services for individuals and businesses, reduced its loss by 15 per cent to £5.9 million during the year ended December 31, 2008, down from £6.9 million in 2007. The bank put the reduction down primarily to growth in fee and commission income….. Full Article: Source

 
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