Current Account

Current accounts

We use the Islamic principle of qard for our current accounts. A qard is an ethical loan, free of any benefit. In essence, it means that your current account is a loan to the bank, which is used by the bank for investment and other purposes. It is paid back to you, in full, on demand.

The Islamic Current Account from IBB provides you with the peace of mind of depositing your money in a bank, with the additional reassurance that IBB is investing your money in activities that do not contravene Sharia principles.

All of IBB's products and services are endorsed by our Sharia Supervisory Committee.

Features & benefits

Interest-free bank account: receive no interest, pay no interest

Debit card and cheque book (subject to status)

Funds deposited will be administered in accordance with Sharia principles

International payments

Automatic access to your account via our automated telephone banking service 24/7 or online

All transactions at Knightsbridge branch counter will cost £5 per transaction (Max £5 per day).

Managing your account

Making a deposit

You can make a deposit into your Current Account by:

Making an online transfer from another account or by money transfer

Cheque at a branch or by post to our Operational Headquarters at the

following address:

IBB PLC

PO Box 12461

Birmingham

B16 6AQ

Depositing cash at one of our branches

Making a withdrawal

You may make withdrawals from your Current Account in the following way:
Making an online transfer from your Current Account to another account
Setting up a Standing Order or Direct Debit
Withdrawing cash at one or our branches
Withdrawing cash via an ATM (charges may apply on non-IBB ATMs)
If you are planning to travel outside of the UK, click here to a list of
countries where restrictions may apply to your IBB Debit Card.

How to apply

To apply for our Current Account you must be:

Over the age of 16; and
Pay your salary into your Current Account; or
Make an initial deposit of £500