A Bolton-based company has scooped a prestigious prize for budding entrepreneurs.

Sufyan Ismail and partner Bashir Timol of First Ethical, won the regional final of the Shell LiveWIRE competition and collected a cheque for £1,000.

They now go forward to the national finals in London on June 16 when they will compete for the top prize of £10,000.

Sufyan, 27, set up independent financial consultancy 1st Ethical which is the first in the UK to cater exclusively for the Muslim community.

There are some 2.5 million Muslims in the UK who are heavily restricted on investment.

Sufyan explained that the Islamic faith prohibits investments that involve alcohol, gambling, tobacco, pornography and interest. "

First Ethical has invented the concept of Islamic Tax Solutions which works in harmony with the Muslim faith allowing them to invest their monies," he said.

The company, has a number of corporate clients and professionals including doctors, and dentists. It employs 13 people and has a turnover of £500,000.

Sufyan, a corporate finance and economics graduate from Manchester University, came up with the concept of First Ethical after working for a leading national accountancy firm.

The company is also keen to promote Ethical Sustainable Development and recently invested some of its profits in providing a water tank to a village in India to provide them with clean safe drinking water.

Sufyan said their aim now was to be the leaders in ethical investments and plan to develop a consultantcy network across the UK.

Following a detailed assessment of each finalist, Piet Koeleman of Shell UK Oil Products, who was one of the judges, said: "The title goes to 1st Ethical because not only does the business have outstanding potential, but Sufyan and Bashir demonstrated a sound understanding of the importance of thorough preparation, sound business planning and good advice such as LiveWIRE provides.