Al Rayan Bank surpasses £1 billion in assets
Al Rayan Bank (UK) today announced that it has become a ‘Billion Pound Bank’, as the value of its retail and commercial assets surpassed £1 billion for the first time last month. This significant milestone highlights the success of the growth strategy which was implemented following the Bank’s acquisition by Masraf Al Rayan QSC (MAR) in February 2014. Al Rayan Bank’s robust growth is evidenced by an almost 400%* increase in its retail and commercial asset book in the last three years, with 47.7 percent growth in the last 12 months alone.
Commenting on the landmark, Sultan Choudhury, CEO of Al Rayan Bank, said: “We are delighted that the value of the Bank’s retail and commercial asset book has surpassed £1 billion for the first time. The Bank’s recent progress validates the strategic growth plan which was put in place following its takeover by MAR in 2014. This is a substantial milestone and an important step in the long-term objective to establish Al Rayan Bank as an enduring European banking brand.”
Al Rayan Bank’s recent success has been fueled by major asset growth across three of the its main business lines: retail, commercial and private banking.
The value of the Bank’s retail asset business, driven by its popular Home Purchase Plan (HPP) and Buy to Let Home Purchase Plan (BTLPP) products, has increased by 24% in the twelve months. Whilst the commercial asset book has increased by 44.7%. In addition, the Bank has seen a 118% increase in the value of its private and premier asset book, boosted by the opening of its flagship branch in Knightsbridge. In total, Al Rayan Bank has provided real estate financing of almost £1.3 billion since it commenced this line of business in 2008.
Al Rayan Bank is a wholly Sharia compliant bank, founded on faith-based, ethical principles which 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 prohibit the 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 Bank serves retail, business and premier customers throughout the UK and has earned a reputation for providing innovative products which appeal to people of any faith.
Al Rayan Bank is 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 three of ethical current account providers.
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.
* The Bank’s asset book has grown by 388.5% in 3 yearsGo Back