Al Rayan Bank welcomes City Minister to Birmingham
Al Rayan Bank PLC, (www.alrayanbank.co.uk), formerly known as Islamic Bank of Britain (IBB), today welcomed Andrea Leadsom MP, Economic Secretary to the Treasury (City Minister), for an official visit to its offices in Birmingham. The visit forms part of a tour by the Secretary to promote the financial services sector across the UK.
Al Rayan Bank has worked closely with the Government to develop Sharia compliant finance in the UK. Last year, the Bank worked with Her Majesty’s Treasury to develop the Help to Buy: Home Purchase Plan (HPP) Guarantee Scheme, the Sharia compliant equivalent to the Help to Buy: Mortgage Guarantee Scheme. The scheme enables HPP providers to enjoy the same level of Government support as conventional mortgage providers and further widens the choice for consumers, with smaller deposits to purchase property.
Al Rayan Bank became the first UK bank to offer a HPP backed by the scheme when it launched its 90% finance to value HPP in September 2014.
Commenting on the visit, Sultan Choudhury, CEO of Al Rayan Bank said, “It is an honour to welcome Andrea Leadsom MP, to our Birmingham offices, which has been our home for over a decade. In the last ten years the Bank has pioneered Sharia compliant retail banking in the UK. It’s a real pleasure to be able to showcase our work and highlight some of the Bank’s achievements.”
Al Rayan Bank opened its doors in 2004 as the UK’s first wholly, Sharia compliant retail bank. The Bank currently has over 50,000 retail, business and premier customers and has earned a reputation for providing innovative products which appeal to people of all faiths.
The Bank was recently rebranded, following its acquisition by Masraf Al Rayan QSC (MAR), the second largest bank in Qatar by market value.