Al Rayan Bank achieves Investors in People accreditation

14 December 2015

Al Rayan Bank today announced that it has been awarded the Investors in People Standard, demonstrating its commitment to realising the potential of its employees. Investors in People is the UK's leading accreditation for business improvement through people management.

Commenting on the award, Sultan Choudhury, Al Rayan Bank CEO, said: “I’m very pleased to accept the Investors in People award because I am proud of what we have achieved together, as an organisation in recent years. This recognition is only possible because of the excellent training and development programmes within Al Rayan Bank, and the way we recruit, encourage and support our employees. We’re committed to making Al Rayan Bank an environment where anybody can reach their full potential and every employee is part of the team.”

The assessment report stated that Al Rayan Bank has a ‘clear purpose and vision, supported by a strategy for improving performance’, and that, ‘people demonstrated a great deal of passion and pride in working for Al Rayan Bank, for the way in which they all work within the boundaries of an ethical and Sharia compliant organisation; for doing their job to the very best of their ability and for making a positive difference to clients and the performance of the organisation as a whole.’

Paul Devoy, Head of Investors in People at the UK Commission for Employment and Skills, said: “Achieving the Investors in People standard is something that any organisation should be truly proud of. Working with Investors in People inspires and enables leaders, managers and employees at all levels to build their skills, improve their performance and achieve their potential. We’d like to congratulate Al Rayan Bank on their achievement.”

This announcement further demonstrates the Bank’s ethical approach to business, and how this relates to its employees. In July 2015, Al Rayan Bank announced that it had been accredited as a Living Wage employer. This means that the Bank voluntarily opts to pay its employees a ‘Living Wage’, significantly higher than the current minimum wage, and the new compulsory National Living Wage due to be introduced in 2016.

Al Rayan Bank has been recognised as an ethical alternative to conventional banks by the Move Your Money campaign, and Ethical Consumer magazine, which rated Al Rayan Bank in the top ten ethical current account providers. The Bank’s ethical principles prohibit it from investing its savers’ deposits in activities such as gambling, pornography, tobacco, arms and other commodities not in keeping with the values of Islam.

The Islamic banking system is widely accepted as an ethical one, concerned with the wider effects of its actions on society. An internal ethics (Sharia compliance) department monitors the products that Al Rayan Bank sells as well as how it conducts its business on a day-to-day basis, ensuring that everything the Bank does is ethical and Sharia compliant. In addition, an external and independent ethics committee (known as the Sharia Supervisory Committee) oversees all of the Bank’s activities.

Al Rayan Bank is the UK’s only wholly Sharia compliant retail bank. With a national retail branch and agency network, as well as internet and telephone banking services, the Bank serves more than 60,000 Muslim and non-Muslim customers. Al Rayan Bank is dedicated to strong, faith-based ethics and great customer service, and in May 2015, it was named by Global Finance magazine as one of the best Islamic banks in the world, in its annual list of the World’s Best Islamic Financial Institutions

As an independent UK bank, Al Rayan 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.

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