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# ISLAMIC FINANCE OPTIONS FOR MUSLIM NONPROFITS CIC

## Company limited by guarantee

## Company Registration Number:
15920704 (England and Wales)

## Unaudited statutory accounts for the year ended 31 August 2025

## Period of accounts

## Start date: 28 August 2024

## End date: 31 August 2025

# ISLAMIC FINANCE OPTIONS FOR MUSLIM NONPROFITS CIC

## Contents of the Financial Statements

for the Period Ended 31 August 2025

Balance sheet |
Additional notes |
Balance sheet notes |
Community Interest Report |

# ISLAMIC FINANCE OPTIONS FOR MUSLIM NONPROFITS CIC

## Balance sheet

As at 31 August 2025

| Notes | 2025
--- | --- | ---
|  | £
Fixed assets
Intangible assets: |  | 0 |
Tangible assets: |  | 0 |
Investments: |  | 0 |
Total fixed assets: |  | 0
Current assets
Stocks: |  | 0 |
Debtors: |  | 0 |
Cash at bank and in hand: |  | 36 |
Investments: |  | 0 |
Total current assets: |  | 36
Prepayments and accrued income: |  | 0 |
Creditors: amounts falling due within one year: | 3 | ( 1,869 ) |
Net current assets (liabilities): |  | (1,833)
Total assets less current liabilities: |  | (1,833)
Creditors: amounts falling due after more than one year: |  | 0 |
Provision for liabilities: |  | 0 |
Accruals and deferred income: |  | 0 |
Total net assets (liabilities): |  | (1,833)
Members' funds
Profit and loss account: |  | (1,833) |
Total members' funds: |  | ( 1,833)

The notes form part of these financial statements

# ISLAMIC FINANCE OPTIONS FOR MUSLIM NONPROFITS CIC

## Balance sheet statements

For the year ending 31 August 2025 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 16 January 2026
and signed on behalf of the board by:

Name: D Wallace-Hare
Status: Director

The notes form part of these financial statements

# ISLAMIC FINANCE OPTIONS FOR MUSLIM NONPROFITS CIC

## Notes to the Financial Statements

for the Period Ended 31 August 2025

- ## 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

# ISLAMIC FINANCE OPTIONS FOR MUSLIM NONPROFITS CIC

## Notes to the Financial Statements

for the Period Ended 31 August 2025

- ## 2. Employees

  | 2025
  --- | ---
  Average number of employees during the period | 0 |

# ISLAMIC FINANCE OPTIONS FOR MUSLIM NONPROFITS CIC

## Notes to the Financial Statements

for the Period Ended 31 August 2025

## 3. Creditors: amounts falling due within one year note

| 2025
--- | ---
| £
Bank loans and overdrafts | 0 |
Amounts due under finance leases and hire purchase contracts | 0 |
Trade creditors | 0 |
Taxation and social security | 0 |
Accruals and deferred income | 0 |
Other creditors | 1,869 |
Total | 1,869

# COMMUNITY INTEREST ANNUAL REPORT

### ISLAMIC FINANCE OPTIONS FOR MUSLIM NONPROFITS CIC

### Company Number: 15920704 (England and Wales)

### Year Ending: 31 August 2025

Company activities and impact

During the reporting period, Islamic Finance Options for Muslim Nonprofits CIC (hereafter, "the CIC") continued pursuing its mission to improve access to Shari'ah-aligned nonprofit banking solutions for Muslim charities and community organisations in the UK and abroad. Although the CIC remained pre-revenue and did not generate any sales or consultancy income, we undertook several activities aligned with our community interest objectives. Our work this year focused on sector learning and international comparative research to address ongoing debanking challenges affecting Muslim nonprofits in the UK and elsewhere. As part of this, we explored the development of nonprofit Islamic banking models by reviewing international examples where such accounts are already available as a template to approach UK Islamic Financial Institutions. In particular, the CIC engaged in exploratory discussions with several Islamic financial institutions in Somalia and Kenya, including Premier Bank Somalia, Premier Bank Kenya, and Bushra Business Bank to facilitate knowledge exchange relating to their nonprofit Islamic account model, which is not currently available from UK Islamic financial institutions (or many other countries, with only a few representative accounts from the US). Although these discussions did not result in a UK-based partnership, they provided useful insights into international models that may inform future research and outreach in the UK. Domestically, despite outreach to several UK Islamic finance institutions (IFIs), we were unable to secure a partnership or initiate consultancy work. However, these attempts contributed to our understanding of the barriers facing UK Muslim nonprofits seeking Shari'ah-compliant banking and highlighted gaps in available financial services. As part of our broader mission-driven activity, IFOMN participated in the Cambridge Social Ventures Peaceshaping and Climate Incubator as part of its inaugural cohort, which supported our learning on social enterprise models and community-benefit innovation. We also attended the Muslim Charities Forum's Debanking Report event at the House of Lords, which allowed us to engage with affected nonprofits and sector stakeholders researching access to banking issues. Taken together, these activities supported the CIC's community interest goals by: -deepening our understanding of nonprofit Islamic banking models abroad; -identifying challenges and opportunities within the UK landscape; -engaging with nonprofits and stakeholders affected by debanking; and -contributing to ongoing policy and awareness discussions relevant to Muslim civil society organisations. Although no trading income was generated this year, IFOMN continued to act for the benefit of the community by pursuing foundational research and sector engagement.

Consultation with stakeholders

We engaged informally with Muslim charities, international and UK Islamic financial institutions, and attendees at sector events. Discussions with Somali and Kenyan banks provided comparative insights on nonprofit Shari'ah-compliant accounts. Engagements with participants during the 6-month Cambridge Social Ventures' Peaceshaping and Climate Incubator and the Muslim Charities Forum event further informed our understanding of community needs and shaped the CIC's research focus and outreach efforts during the reporting period.

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
16 January 2026

And signed on behalf of the board by:
Name: D Wallace-Hare
Status: Director