The Debit Direct service will enable IBB to issue MasterCard Maestro and Cirrus cards to its customers, process real time online authorisation of transactions 24/7, whilst interfacing to IBB's core banking system – Equation from Misys.

IBB is a UK registered company sponsored by a group of prominent Gulf and UK Muslim investors, including major Islamic financial institutions, with the objective of establishing the first stand-alone Islamic bank in the UK.  It plans to provide retail banking products and services on a wholly Shari'ah compliant basis primarily to Britain's Muslims.  Islam bars Muslims from taking or giving interest, known as riba, regardless of the purpose or rate of loans, therefore different principles need to be applied to all account products.  

Mr Michael Hanlon, Managing Director of Islamic Bank of Britain plc commented: "When it comes to the provision of Shari'ah compliant banking services there are limited solutions available to British Muslims. Research indicates that over three-quarters of Muslims in the UK would wish to make a faith-based decision on financial products, meaning conventionally provided banking is largely unacceptable to this important segment of the market."

"Our goal is to address this market need. We have ambitious growth plans. As well as high street branches, we will offer telephone banking services and have plans to introduce Internet and mobile banking services in early 2005.  As we attract more customers, so the demand for debit cards will increase. Taking membership of Nomad's Debit Direct service means we can focus on realising our business goals, confident that the process of issuing and authorising debit cards is fully under control."

John Yeomans, Chief Executive, NOMAD Software commented: "IBB is the first bank in the UK to cater specifically for the financial needs of Muslims.  We are excited to be part of this innovative project and to be providing IBB with the Debit Direct service, which is integral to its growth plans.  We look forward to a long and fruitful partnership."

The Nomad Debit Direct service utilised by IBB is a turnkey solution offering the expertise of a host of best-of-breed suppliers all in one package, including:

NOMAD Software – authors of the core card payments software, NOMAD CORTEX, which is at the heart of the service

MasterCard – the card scheme behind the 100% online authorised Maestro debit card

IBM e-business Hosting Services - which will host the infrastructure, hardware, communications and operations

Oberthur Card Systems - for card production and personalisation

Astron Group - for PIN mailers