On offer are 160 million ordinary shares priced at £0.25 ($0.45). Minimum subscription is 4,000 shares and the offering closes on 29 September. ABC Islamic Bank, Gulf Bankand Qatar International Islamic Bank (QIIB) are lead managers on the private placement. The receiving agent in the UK is Capita IRG. A listing on the Alternative Investment Market of the London Stock Exchange is planned in mid-October.

The biggest existing shareholders in IBB are Qatari Emir Sheikh Hamad bin Khalifa al-Thani and QIIB, each holding just over 17 per cent of the bank’s stock. Abdul Rahman Abdulmalik, former chairman of Abu Dhabi Islamic Bank, is IBB’s chairman, while Michael Hanlon, formerly of Barclays Capitaland Raffeisenbank, is the general manager. IBB’s first branch – in London’s Edgware Road – opened on 22 September. Branches are due to open in Birmingham, where the bank is headquartered, and Leicester in November.