Islamic Bank of Britain appoints Head of IT & Change
Islamic Bank of Britain plc (IBB), (www.islamic-bank.com), the UK’s only wholly Sharia compliant retail bank, today announced the promotion of Matthew Glover to the newly created positon of Head of IT & Change. Mr Glover’s remit is to manage the Bank’s transformation programme as it enters a period of expansion.
His is the third senior appointment this year, including Keith Leach as Chief Commercial Office and the confirmation of Sultan Choudhury as Chief Executive Officer. All three appointments have followed the Bank’s acquisition, in early 2014, by Masraf Al Rayan (QSC), the fifth largest Islamic bank in the world and the second largest bank in Qatar. Since then, IBB’s new parent has invested £100milion of capital to support the Bank’s ambitious growth targets. IBB also recently announced that subject to formal shareholder approval, it will be changing its name from Islamic Bank of Britain to Al Rayan Bank, in December 2015.
Commenting on his appointment, Mr Glover said, “These are exciting times for IBB, and I am delighted to be heading the Bank’s IT and change programme. This will play an important role in the future development of the Bank as it seeks to achieve significant growth.”
Mr Glover was promoted to the position from his role as Change Delivery Manager in recognition of his achievements during the IBB business transformation project, which began in 2012. During this he was involved in the implementation of Salesforce as the Bank’s customer relationship management (CRM) and lead management system to facilitate the Bank’s move towards a more direct model of operation. As a result of investment in IBB’s IT and marketing functions, 85% of IBB’s business was derived via the IBB website and contact centre in July 2014, compared to 49% in July 2012 when the project began.
Mr Glover joined IBB in 2007 as Branch Operations Manager, responsible for the control and service aspects of the IBB branch network. Before this he worked as a Senior Branch Manager and Area Manager for the Royal Bank of Scotland (RBS) group.
Formed in 2004, IBB is celebrating its 10th anniversary this year and the Bank is considered the pioneer of British Islamic finance. With over 50,000 customers, IBB offers the largest range of Sharia compliant retail financial products in the UK. These include savings accounts which pay profit, not interest, home and buy to let finance, based on joint partnership and lease agreements, personal banking, business banking, commercial finance and a range of wealth management offerings, developed in partnership with trusted third parties.
About Masraf Al Rayan
Masraf Al Rayan QSC (MAR) is a Qatar-based Islamic bank providing banking, financial, investment and brokerage services. The Bank was incorporated in January 2006 and is licensed by Qatar Central Bank. MAR is the second largest bank in Qatar and the country’s largest Sharia compliant bank, by market value. Its structure consists of three main business divisions: Retail Banking, Wholesale Banking and Private Banking. MAR is listed on the Qatar Exchange and its top 20 shareholders are blue chips in the Qatar investment, corporate and high net worth community.
About Islamic Bank of Britain
Islamic Bank of Britain plc (the Bank, IBB) has pioneered Sharia compliant retail banking in the UK and now offers the largest range of Sharia compliant retail financial products in the UK. These include Sharia compliant mortgage alternatives, the Home Purchase Plan (HPP) and Buy to Let Purchase Plan (BTLPP), current accounts and savings accounts. The Bank was also the first to introduce Sharia compliant business banking to the UK, and now offers a wide range of institutional and business banking products and services, including Commercial Property Finance. Several of the Bank’s products remain unique in the UK retail financial market.
The Bank is authorised by the Prudential Regulation Authority, regulated by the Financial Conduct Authority and the Prudential Regulation Authority and is a member of Financial Services Compensation Scheme.
Sharia compliant banking operates without the use of interest and is founded on Islamic finance principles derived from trade, entrepreneurship and risk-sharing. IBB has a dedicated Sharia Compliance Officer (SCO) and a panel of respected Sharia Scholars, called the Sharia Supervisory Committee (SSC), which acts as an independent body to ensure that IBB’s products and activities are Sharia compliant.
As a Sharia compliant bank, the source of IBB’s funding, profits and business investments must be ethical. They cannot be from businesses that are considered unlawful under Sharia law, i.e. companies that deal in interest, alcohol, gambling, pornography, speculation, tobacco, arms and other commodities contrary to Islamic values.
Whilst IBB offers products and services that are designed in accordance with Sharia principles, it is an inclusive, ethical organisation and welcomes customers of all faiths looking for a bank with a transparent, prudent and community-focused approach.
Notes to editors:
1. Interviews with Islamic Bank of Britain plc are available on request.
2. The Bank should only be referred to as “Islamic Bank of Britain plc”. If abbreviated please use “IBB”.
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