You can bank on us

The agency is based in Reeds Rains estate agents, in Northgate, and will provide a full range of Sharia-compliant services.

IBB head of retail Imran Pasha said: “There’s a big Muslim population in West Yorkshire and Dewsbury is at the heart of it, so our market research suggests it is the ideal location from which to start our expansion into this area.”

He added: “We want to emphasise that we’re not just a bank for muslim customers. The ethical principles we work to have attracted a lot of interest from beyond the Muslim community, especially in the light of recent events within conventional banking.”

The Dewsbury agency will be headed by business development manager Sohaib Hamid, who has spent the past three years on the staff at Reeds Rains.

He said: “Although I have my managers to report to, they’ve given me a lot of responsibility and it’s pretty much up to me to drive the bank forward across West Yorkshire.”

Islamic banking is based on the principle that wealth must be generated from investment in productive activity or assets.

Because this precludes charging interest, depositors’ money is invested in a wide range of activities and they then receive a share of subsequent profits.