AlRayan Bank UK surpasses £3 billion in assets, marking a major milestone in UK Islamic banking
AlRayan Bank, the UK’s largest and most successful Sharia-compliant bank, has announced that its total assets have exceeded £3 billion for the first time in its history. This significant achievement underscores the Bank’s sustained growth and strategic transformation, reinforcing its position as the leading force in Islamic finance in the UK.
Founded in 2004, Al Rayan Bank reached £1 billion in assets by December 2016. In less than a decade since, the Bank has more than tripled its asset base - driven by a clear strategic focus and consistently strong financial performance. A key turning point came in early 2022, when the Bank announced a strategic pivot towards Structured Real Estate (SRE) financing and Premier Banking services.
Since implementing this strategy, the Bank’s SRE portfolio has grown by more than £800m and now accounts for over half of the Bank’s total assets, standing at more than £1.5 billion. This timespan has also marked the most profitable period in the Bank’s history.
Commenting on the achievement, Giles Cunningham, Chief Executive Officer of AlRayan Bank UK, said, “This is a landmark moment not only for AlRayan Bank but also for the broader Islamic finance sector in the UK. Surpassing £3 billion in assets is a testament to the strength of our strategy, the dedication of our people, and the trust our clients place in us. It reflects our commitment to delivering sustainable, Sharia-compliant financial solutions that meet the evolving needs of our customers.”
Maisam Fazal, Chief Commercial Officer of AlRayan Bank UK, added, “Structured Real Estate has been the engine behind the Bank’s recent growth and success. Our ability to respond and adapt to our customers’ needs has been central to our performance. We remain focused on delivering value to our clients and look forward to building on this momentum in the years ahead.”
AlRayan Bank’s transformation has been underpinned by a disciplined approach to risk, a focus on high-quality asset origination, and a commitment to operational excellence. The Bank continues to invest in digital innovation and client service, including the expansion of its SRE and Premier Banking propositions, which offer bespoke financial solutions and dedicated relationship management to its clients.
This milestone coincides with the Bank’s 21st year of operations in the UK and reflects its continued ambition to be the most trusted Sharia-compliant bank in the country. With a strong capital base, a growing client portfolio, and a clear strategic direction, AlRayan Bank is well-positioned for continued growth and innovation in the years ahead.
As an independent UK bank, AlRayan Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by both the Financial Conduct Authority (FCA) and the PRA.