Al Rayan Bank becomes a Living Wage employer
Al Rayan Bank PLC has become accredited as a ‘Living Wage Employer’ and thereby joins companies in the UK that voluntarily opt to pay their employees a ‘Living Wage’. Fixed at £9.15 an hour in London and £7.85 an hour outside London, the Living Wage is calculated according to the basic cost of living. It is significantly higher than the current minimum wage (£6.50 an hour), and also more generous than the new compulsory ‘National Living Wage’ announced in the recent Budget and due to be introduced in 2016 (£7.20 an hour for those 25 and over).
The ‘Living Wage Employer’ accreditation is the latest evidence of Al Rayan Bank’s ethical approach to business. The Bank has already been recognised as an ethical alternative to conventional banks by the Move Your Money campaign, and Ethical Consumer magazine rated Al Rayan Bank in the top ten ethical current account providers.
Sultan Choudhury, CEO, Al Rayan Bank, said: “I am delighted that Al Rayan Bank has been formally recognised as a Living Wage Employer. As an ethical, Sharia compliant bank, we believe in trade, entrepreneurship and commerce. It is our belief that an essential element of this approach is the fair remuneration of all employees.”
The Islamic banking system is an inherently ethical system which is 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 in line with the values of Islam. In addition, an external and independent ethics committee (known as the Sharia Supervisory Committee) oversees all of the Bank’s activities.
Al Rayan Bank has been a pioneer of British retail Islamic banking for over 10 years, and is dedicated to strong, faith-based ethics and great customer service. The first wholly Sharia compliant retail bank in the UK, it currently has over 60,000 retail, business and premier customers and has earned a reputation for providing innovative products which appeal to people of all faiths and none. This approach has helped it to achieve global recognition for its outstanding success* and maintain a long lasting reign over the best buy savings tables in the UK**.
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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*In May 2015, Al Rayan Bank PLC 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. This is the second time that Al Rayan Bank has won the award, formerly winning under its previous name of Islamic Bank of Britain in 2009.
**From December 2012 to July 2015, the Bank has consistently offered at least one savings account with the UK’s highest rate of return, according to the Moneyfacts and This is Money best buy tables.