Al Rayan Bank targets Intermediaries growth

Al Rayan Bank PLC, the UK’s only wholly Sharia compliant retail bank, has announced the appointment of a dedicated ‘Intermediaries Specialist’, as the Bank seeks to grow the volume of retail assets it services through the mortgage intermediary market.

Currently around 13% of Al Rayan Bank’s asset sales come via the intermediaries channel, less than half than come via the Bank’s direct channel or branch and agency network. To reach its ambitious growth targets, the Bank will continue to invest in its intermediaries proposition; this includes the launch of a dedicated intermediaries website later this year.

Saalik Haleem, who will be based at the Bank’s Operational Headquarters in Birmingham, has worked within the Islamic finance industry for a number of years, specialising in the areas of advisory and Islamic investments, specifically Sharia complaint Open Ended Investment Company (OEIC) Funds and Unit Trusts.

Sagheer Malik, Senior Sales Manager at Al Rayan Bank PLC, said: “The growth of the intermediaries channel is a key focus of the Bank, and raising awareness of Islamic home finance amongst the general mortgage intermediary market is an important part of the process. I’m delighted to welcome Saalik to the team; he has the right combination of knowledge and experience that we need to drive the growth of this important channel.”

Al Rayan Bank has been a pioneer of British retail Islamic banking since it was founded in 2014, 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, and none.

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 choosing to pay its employees a ‘Living Wage’, 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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