EIIB becomes first independent, Sharia'a compliant Islamic investment bank authorised by the UK's Financial Services Authority (FSA)

It has received authorisation from the UK's FSA in respect of its application for permission to conduct financial business under the UK's law governing financial activity, called Part IV of the Financial Services and Markets Act 2000.

The founding shareholders of EIIB include Gulf based individuals and institutions, including a number of Islamic banks, as well as individuals and companies based in Europe. Adnan Ahmed Yousif is a Director of the Company and Chairman of the Board of EIIB, Khalid Abdulla Al-Bassam is a Director of the Company.


John Weguelin, Managing Director, EIIB, said: "We are delighted by the news from the FSA. This means we will open for business at the beginning of April 2006 as planned, and allows us to commence the process for the increase in our capital base.

'We would like to thank the FSA for their helpful advice and positive approach to our application, and for their guidance throughout the application process.

'EIIB is of the view that being regulated by the FSA as a UK-based bank will be an important differentiator for us, demonstrating to all our stakeholders our commitment to transparency and to the highest prudential standards."

EIIB will seek to service a market in Europe that has only been lightly tapped by conventional and Islamic banks and by non-banking institutions, as well as to become a major participant in the market for Islamic securities, treasury and investment products, which is currently experiencing rapid growth in the Middle East and Asia.

EIIB was incorporated in the UK in January 2005, with the intention of becoming the first independent Islamic investment bank established and managed on a wholly Sharia'a compliant basis to be regulated by the FSA. It submitted a formal application in August 2005 to the FSA for Part IV permission to undertake the regulated activities of accepting deposits and to conduct investment business.

The proposed range of products and services that EIIB will offer include the following Sharia'a compliant investment banking activities:

- Islamic Treasury and Capital Markets.
- Asset Management, including Private Banking.
- Trade Finance and Correspondent Banking.
- Advisory and Corporate Finance.