Al Rayan Bank named as one of the best Islamic Banks in the world

Al Rayan Bank PLC has been 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.

The award was given in recognition of Al Rayan Bank’s contribution to the growth of Islamic banking in UK, which according TheCityUK is the world’s ninth largest market and Europe’s leading centre of Islamic finance with $19bn of reported Sharia compliant assets.  It also marks the most successful year in the Bank’s history, which saw its operating income increase by 168% to become profitable for the first time.

Commenting on the award, Sultan Choudhury, Chief Executive Officer, Al Rayan Bank, said: “I am delighted that the Bank has again been recognised as one of the World's leading Islamic Financial Institutions by the prestigious Global Finance magazine. Al Rayan Bank is committed to providing pioneering and innovative Sharia compliant banking solutions to its customers, and awards such as this are both an endorsement of our strategy and a recognition of the continued dedication of our stakeholders and employees.”
 
Award selections were made by the editorial team of Global Finance, after extensive consultations with bankers, corporate finance executives and analysts throughout the world. In selecting the top banks, factors that ranged from the quantitative objective to the informed subjective were considered. Quantitative criteria included growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Among the subjective criteria considered were reputation, customer satisfaction, and the opinions of analysts and others involved in the industry. The mix of these factors yielded leading banks, which may not be the largest, oldest or the most diversified across a given country, region or product area, but rather the best—the banks with which customers around the world would most likely want to do business.

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. This approach has helped it to achieve global recognition for its outstanding success and maintain a 25 month reign over the best buy savings tables in the UK1. The Bank has also been recognised as an ethical alternative to conventional banking by the Move Your Money campaign and the Bank can be found in the top ten of ethical current account providers, according to ratings compiled by Ethical Consumer magazine: http://www.ethicalconsumer.org/buyersguides/money/bankingcurrentaccounts.aspx

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