[6] Islamic Bank of Britain was formed by a group of investors from the Middle East to take advantage of the growing market for Sharia compliant financial services in the UK.

In July 2002, consultants and advisors were employed to confirm if such type of bank was needed and if it would be accepted by the Financial Services Authority, FSA.

[7] Potential investors were invited, mainly from the Persian Gulf, who put together a private placement document which allowed the company to raise £14 million in start up capital by early 2003.

Despite, this IBB continued to grow and in 2012 attained the highest level of retail asset finance and deposit balances in its history.

Later that month the Bank's previous CEO, Sultan Choudhury was appointed an OBE for his services to Islamic finance by His Royal Highness Prince William, Duke of Cambridge.