Islamic House of Britain Plc in partnership with STB Systems enhances regulatory reporting systems

Islamic House of Britain Plc is established with the objective of establishing the first stand-alone Islamic bank in the United Kingdom and have chosen STB Systems Ltd to provide software for automated regulatory reporting to the FSA/BoE.

STB Systems, a world leader in regulatory & compliance software, has today signed an agreement to implement its regulatory reporting solution, STB-Reporter, at Islamic House of Britain Plc.

Islamic House of Britain Plc is a UK registered company sponsored by group of prominent Gulf and UK investors, including major Islamic financial institutions, with the objective of establishing the first stand-alone Islamic bank in the United Kingdom. It plans to provide retail banking products and services on a wholly Sharia'a compliant basis primarily to Britain's 1.8m Muslims. The company has submitted an application for a banking licence to the UK Regulator, FSA, and is hopeful of receiving an approval which will enable it to commence full retail banking operations by the end of the first quarter of 2004.

Islamic House of Britain Plc will complete the implementation of STB-Reporter within the next few months. Uniquely, this project is the first time STB has been required to provide a system to comply with the bank's strict sharia'a policy. The project will deliver a regulatory and compliance database to automate a number of key regulatory controls, specifically automated reporting to the Financial Services Authority/Bank of England.

STB-Reporter, the regulatory reporting system which utilises data held within STB-SuperConsolidator, will output all of the required reporting including large exposures reports and other important mandatory FSA reports such as balance sheet and profit and loss reports.

Commenting on the agreement, Michael Thomas, Group CEO, STB Systems, said, "We are delighted that Islamic House of Britain Plc has selected STB-Reporter. The uniqueness of their business model will make this an interesting project. Once again, the flexibility of STB's rules based solution makes it an ideal choice across the entire financial sector, not just one niche. As a compliance specialist, STB is able to cover all of the key control issues a financial institution faces in a single implementation. We look forward to a long & mutually beneficial relationship with Islamic House of Britain Plc".

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Notes to Editors:

Islamic House of Britain Plc

Islamic House of Britain Plc
Churchill House
142-146 Old Street
London
EC1V 9BW
Tel: 020 7 324 2054
Fax: 020 7 324 2180

STB Systems

STB is one of the world's leading vendors of automated compliance reporting solutions for the financial markets.

Founded in 1984, STB is the market leader with offices in London, New York, Hong Kong & Singapore. STB's solutions are designed to automate the presentation of critical controls that protect financial institutions, handling both internal & external reporting to satisfy relevant regulatory bodies and assist in compliance with anti money laundering procedures. The company is one of just five recognised by the Bank of England for electronic reporting output and works closely with many other respected industry bodies.

STB's solutions control & consolidate multiple data sources. The use of rules-based technology ensures a stable product, & allows for development of new solutions quickly & efficiently to meet the constantly changing demands of regulatory, management, risk & other compliance reporting. STB's core competence puts them at the forefront of regulatory & compliance technologies, offering best of breed solutions for their customers.

www.stbsystems.com

Press contacts:

Anthony Hauton
STB Systems Limited
+44 20 7403 2188
tony.hauton@stbsystems.com