Islamic Bank of Britain (IBB), a sharia-compliant retail lender, is reportedly considering launching a suite of new banking products to attract more customers, both domestic as well as in European market.
IBB chief executive Sultan Choudhury was quoted by Reuters as saying that the bank is developing its commercial property business to widen fee-based income as it aims to post profit for the first time.
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"The acquisition was a watershed moment for us, what it means is that we will be adjusting the direction of IBB. We will shift to a much stronger focus on commercial banking," Choudhury told the publication.
As per its expansion strategy, the bank has doubled its property finance business during the last year, which could allow IBB to expand later into Europe.
Choudhury indicated that IBB’s retail operations would remain UK focused.
Moving forward, IBB is also exploring options to buy some part of the £200m sukuk that the UK government will issue this week, which will act as a much required sterling-denominated liquidity tool for the bank, as reported by the news portal.
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By GlobalDataBirmingham-based IBB serves nearly 50,000 customers and had £380m in retail deposits.
