Birmingham as a second city for Islamic Business: The Way Forward Panel Presentation Sultan Choudhury - Commercial Director Aston Business School 2 nd June 2009 Islamic Bank of Britain plc

Overview Islamic Bank of Britain plc Islamic Bank of Britain is the UK's first (Financial Services Authority) FSA approved Islamic bank and the first standalone Islamic retail bank in the Western world.  IBB commenced banking operations in September 2004 and is listed on the London Stock Exchange - AIM  IBB have launched a wide range of Sharia’a compliant products for UK Based individuals, SME sector, Gulf based clientele & Muslim Community institutions including: Current & Savings Accounts Home Purchase Plan & Commercial Property Finance

Why did IBB locate in Birmingham? Large captive Muslim Market Quality Office Space availability with affordable rental rates for a start up Labour Pool – multi language and cultural fit Labour costs lower than the Capital Financial Services Hub around Fiveways Proximity to London Transportation infrastructure Islamic Bank of Britain plc

Opportunities Administration –Contact Centre and Back Office Operations –There are 4 Islamic Investment Banks and 1 Takaful company that could potentially benefit in addition to IBB Professional Services Sector largest outside London –UK expertise for legal and accounting services at much lower costs than Gulf or London –From conveyancing to larger Islamic finance transactions Opportunity for specialist ancillary sectors to develop –Sharia’a related consultancy, assurance, marketing companies e.g IFAAS set up by ex-employees of IBB Islamic Bank of Britain plc

Challenges Education and Training –Birmingham needs credible Further Education, Vocational and Higher Education Islamic finance qualification delivery –IBB is currently a training ground (we have ex-employees at all the other Islamic banks Raise Awareness –Of Birmingham’s Islamic Finance Credentials in particular to GCC / Malaysia through UKTI, attendance at conferences, brochures etc –Major Islamic Finance Conference in Birmingham –Large Islamic Transactions in Birmingham and Midlands such as Aston Martin –Promote Ethical Dimension to Local Consumers and Business’ Local Authorities & Institutions to avail themselves of Islamic Finance more than they have Islamic Bank of Britain plc