Bahrain Islamic Firm Plans UK Retail Bank

A Bahrain-based Islamic investment house plans to set up an Islamic retail bank in Britain with a capital of 50 million sterling ($78 million) to serve around 1.8 million Muslims.

Islamic Joint Venture Partners (IJVP) said in a statement it was in talks with the British monetary authority to obtain a licence for the firm, to be named Islamic House of Britain.

"The independent market research we commissioned has demonstrated that the UK retail banking market presents one of the most attractive markets for Islamic House of Britain to commence operating in," IJVP Chairman Adnan Youssif said.

"We are excited about opportunities to cater to Europe's 13.8 million Muslims in the future," he added.