London's first Islamic investment bank opens

The bank's managing director, John Weguelin, said: "We believe our purely sharia-compliant approach, together with our independence and status as a UK regulated business, will enable us to become a leader in the Islamic financial market."

EIIB is owned by various investors and companies in the Middle East and elsewhere. It has refused to reveal ownership details, although Weguelin said no single shareholder has a majority stake.

The bank plans a £200 million share offering in June as part of its move onto the London Alternative Investment Market. It will operate as a full-service investment bank, covering treasury and capital markets, asset management, trade finance and corporate finance. A branch in Bahrain is scheduled to open later this year.

Operating under sharia law, the bank will avoid interest-bearing investments. It will also avoid investments involving gambling and speculation.

  • LinkedIn  
  • Save this article
  • Print this page  

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: