Islamic Bank of Britain appoints Sultan Choudhury to Chief Executive Officer and Director
Islamic Bank of Britain plc (IBB), (www.islamic-bank.com), the UK’s only wholly Sharia compliant retail bank, today announced that it has appointed Sultan Choudhury as Chief Executive Officer (CEO) and Director.
The appointment of Mr Choudhury to the newly created post recognises his achievements as interim Managing Director of IBB. These include successfully overseeing the Bank’s acquisition by Masraf Al Rayan QSC (Al Rayan), a Qatar-based Islamic bank, delivering year on year growth in customer base, deposits and assets since the Bank began, and increasing its assets by 92% and retail deposits by 22% (based on the Annual Results for 2012).
IBB is celebrating its 10 year anniversary this year and Mr Choudhury is the Bank’s longest-serving employee. He joined IBB when it was formed in 2004 and has since set up the Bank’s Head Office operations and Branch Network. Mr Choudhury has also led the development and implementation of IBB’s full product range and service delivery channels. As a result, the Bank now offers the largest range of Islamic retail financial products in the UK and has attracted over 50,000 customers.
As CEO, Mr Choudhury is working with IBB’s new parent company to deliver a strategy designed for growth and profitability. Future plans consist of expanding property finance to businesses, including development finance. IBB aims to broaden its appeal and customer base further, encompassing both Muslim and non-Muslim professionals. The Bank will also expand its services for Gulf-based customers looking to invest in the UK.
Commenting on his appointment, Mr Choudhury said, “IBB is considered a pioneer of British Islamic retail banking. It has been a privilege to be at the forefront of the Bank’s past achievements, and I look forward to continue steering it through its exciting future as part of Al Rayan.”
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 and regulated by the Financial Conduct Authority and 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 guarantee that IBB’s products and activities are Sharia compliant.
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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