Halal grants for new businesses
THE
Islamic Bank of Britain (IBB) has joined forces with a Bolton business
support network to boost halal enterprises in the region.
The bank, together with Bolton Business Ventures has launched a
pioneering scheme to make funding of up to £25,000 available to the
growing number of companies that avoid activities – such as the sale of
alcohol or cigarettes – prohibited by Muslim Shariah law. The bank’s
facilities are available to Muslim and non-Muslim companies and it
specialises in providing cash-generating alternatives for Muslim
clients who are prohibited by religious law from paying or receiving
interest.
Funding from £5,000 will be made available through the North-west
Ethical Fund – which is administered by Bolton Business Ventures – to
suitable halal’ companies. Halal is the Islamic term for “permitted”.
The funds are available to all sectors of the community, irrespective of religious background.
It is estimated that Britain’s Muslim community contributes more
than £31 billion to the economy each year, according to the Institute
of Asian Professionals.
Bolton Business Ventures chief executive Paul Davidson said: “In the
interests of financial inclusion, it is important to look at how
financing for entrepreneurs can be made inclusive through access to
finance facilities that are in line with ethical principles.
“The Islamic Bank of Britain has established itself as a
market-leading innovator and we are delighted that it is our partner in
this exciting initiative.
“We believe in financial inclusion for all and we aim to provide enterprise services to all sectors of the community.”
