Al Rayan Bank opens Private Banking branch in Knightsbridge
Al Rayan Bank PLC, formerly known as Islamic Bank of Britain (IBB), has officially opened its new Private Banking branch in Knightsbridge, London. The flagship branch will provide high net worth individuals and Gulf Cooperation Council (GCC) clients with exclusive private banking services.
The branch was officially opened by His Excellency Mr Yousef Ali Al-Khater, Ambassador for the State of Qatar to the United Kingdom in an event attended by the Boards of Directors of the Masraf Al Rayan and Al Rayan Bank, including, Masraf Al Rayan Chairman and Managing Director, His Excellency Dr Hussain Al Abdulla, Group CEO, Adel Mustafawi, Al Rayan Bank Chairman Robert Sharpe, Al Rayan Bank CEO, Sultan Choudhury and Al Rayan Bank CCO, Keith Leach.
Speaking at the opening of the branch, Al Rayan Bank CEO, Sultan Choudhury said, “The last year has been momentous for Al Rayan Bank; beginning with the acquisition in February 2014 by Masraf Al Rayan, which was followed later in the year by the successful rebrand to Al Rayan Bank, and continuing with the posting of the Bank’s most successful financial performance to date. The opening of this new branch follows that remarkable year and, we believe, marks our transition to a new iconic banking brand for London and the UK.”
Last month, Al Rayan Bank posted its most successful financial performance to date. In 2014 the Bank’s operating income increased by 168%, customer financing increased by 86% and retail deposits increased by 59%. The Bank also transformed a £5.5 million loss in 2013 to an after tax profit of £1.2 million, the first time in its eleven year history that it has posted a profit.
Strategically located in Hans Crescent, Knightsbridge*, the Private branch is opposite the prestigious Harrods department store and in an area of London which is popular with many people from the GCC. It is expected that this will help the branch to become a hub from where Al Rayan Bank will provide an exclusive private banking service, including real estate finance, day-to-day banking services and exclusive, bespoke investment opportunities. The new branch adds to Al Rayan Bank’s existing network of 5 branches and 3 agencies throughout the country.
Concluding his remarks at the event, Sultan Choudhury commented on how the new Private branch embodied the Bank’s overall brand, “The environment and location of the branch reinforce the Al Rayan Bank brand as one of aspiration and stability. This branch raises the bar, not just for Al Rayan Bank, but for private banking in the United Kingdom.”
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 the Financial Services Compensation Scheme. The Bank was recently rebranded, following its acquisition by Masraf Al Rayan QSC (MAR), the second largest Islamic bank in Qatar by market value.
Al Rayan Bank is an Islamic retail bank, founded on faith-based, ethical principles that are derived from trade, entrepreneurship and risk-sharing, in which the customer and bank work together as partners towards a mutually profitable end. These principles also prohibit Al Rayan Bank from investing savers’ deposits in unethical activities such as gambling, pornography, speculation, tobacco, arms and other commodities not in keeping with the values of Islam.
* The Knightsbridge branch of Al Rayan Bank is located at 44 Hans Crescent, Knightsbridge, London, SW1X 0LZ