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Contrasting fortunes in UK as sector regroups for 2011.

It has been a difficult few years for UK Islamic banks. Market-wide difficulties have led to the five FSA-authorised Shariah-compliant banks-Gatehouse Bank, Bank of London and the Middle East (BLME BLME Bank of London and the Middle East (UK) ), Qatar Islamic Bank UK (formerly European Finance House), European Islamic Investment Bank and Islamic Bank of Britain The Islamic Bank of Britain plc (LSE: IBB) is a commercial bank in the United Kingdom, established in August 2004 to offer Sharia compliant financial service products to British Muslims. The bank has 8 branches in London, Birmingham, Manchester and Leicester.  (IBB)-posted worse results in 2009 than 2008. But recent interim results released by BLME and IBB show that some buds are bearing fruit, while others are still desperately seeking to flower.

BLME CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board.  Humphrey Percy has something to be happy about-his bank climbed from a Au13.2m loss last year to a pre-tax profit of Au3.6m for the six months to 30 June 2010. Chairman Yacob Al-Muzaini, while remaining cautious, is confident that the wholesale bank will meet the challenges of the uncertain economic outlook for the rest of 2010.

IBB, on the other hand, continues to cite "the challenging economic environment" that continues to impact the bank's financial performance. Compared to the same period in 2009, IBB fared exactly Au278,354 better, posting a loss of Au4.3m.

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Publication:Islamic Banking & Finance
Geographic Code:7YEME
Date:Feb 20, 2011
Words:193
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