Al Rayan Bank relocates to new operational headquarters in Birmingham
Al Rayan Bank PLC, which has been headquartered in Birmingham since it was founded in 2004, today announced that it will renew its commitment to the city when it relocates to new offices in Edgbaston. The Bank’s recent rapid growth, together with its future development plans, compelled it to find a larger operational headquarters to support its burgeoning workforce. After a thorough review, the Bank has purchased offices in Calthorpe Road and will move one hundred of its employees from its current leased offices later this month.
Al Rayan Bank has had a remarkable two years. In February 2014 it was acquired by Masraf Al Rayan, the second largest Islamic bank in Qatar by market value. A successful rebrand followed before the bank posted its most impressive 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.
Sultan Choudhury, CEO, Al Rayan Bank, said: “Al Rayan Bank is beginning the next chapter in its history, and Birmingham remains the perfect location for our operational headquarters. Birmingham is a growing city, with first-class modern infrastructure and excellent transport links. And with over 20,000 people employed in financial services, the city has a talented workforce able to support the future growth of the Bank.”
Al Rayan Bank’s new offices at 24a Calthorpe Road, Edgbaston are significantly larger than its current administrative centre. With 17,600 square feet of floor space, the new operational headquarters boasts almost twice as much space as the Bank’s existing premises and provides room for the anticipated future expansion of every department. Housed within an impressive Grade II Listed building, the design of the interior has an emphasis on openness and modernity, and draws upon aspects of the new Al Rayan Bank brand to incorporate nature, art and digital media into the environment, to help inspire the Bank’s employees.
In addition to its Operational Headquarters in Edgbaston, Al Rayan Bank also has had a branch in the Small Heath area of the Birmingham since 2005.
Al Rayan Bank has been a pioneer of British retail Islamic banking for over 11 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 any faith. This approach has helped it to achieve global recognition for its outstanding success1 and maintain a long lasting reign over the best buy savings tables in the UK2.
The Bank has also been recognised as an ethical alternative to conventional banks by the Move Your Money campaign and Ethical Consumer magazine, which places Al Rayan Bank in the top ten of ethical current account providers. The Bank is also an accredited ‘Living Wage Employer’, voluntarily opting to pay their employees a ‘Living Wage’ which is significantly higher than the current minimum wage and the new compulsory National Living Wage, to be introduced in 2016.
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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