EU Referendum Result

"In light of the vote by the UK to leave the EU, Al Rayan Bank continues to operate on a business as usual footing. Our products and services remain unchanged and, as a UK bank authorised and regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), and as a member of the Financial Services Compensation Scheme (FSCS), our customer deposits are still protected up to a limit of £75,000.

The Bank’s financial position remains healthy, we have a strong parent in Masraf Al Rayan QSC and we have negligible exposure to the European market.” 

Sultan Choudhury, CEO Al Rayan Bank

What does this mean for Al Rayan Bank customers? Please find further information below.

Is my money safe?

Al Rayan Bank is a UK bank, authorised by the PRA and regulated by the PRA and the FCA, and is a member of the Financial Services Compensation Scheme (FSCS), which means your money is still protected up to a limit of £75,000.

Will this affect the stability of Al Rayan Bank?

We are a stable and secure UK bank. Our customers’ money will continue to be protected by the Financial Services Compensation Scheme up to a limit of £75,000. Our financial position is very healthy and a strong parent in Qatar based bank, Masraf Al Rayan QSC. We have limited exposure to the European market.

Can I still continue to use my banking services as usual?

Yes. You can continue to access and use your account as normal. Al Rayan Bank is operating on a business as usual footing.

Will your products and services remain the same?

The outcome of the referendum will have no immediate impact on our range of products and services. We continue to operate on a business as usual footing.

Will the referendum affect expected profit rates?

There are no changes planned to the expected profit rates of our savings accounts. Until any impact of the referendum on the UK savings market is known and understood, we will continue to operate on a business as usual footing. We will communicate with our customers, if the situation changes.

How will this affect my HPP?

There should not be any immediate change to your HPP payment. Until any impact of the referendum on the UK housing market is known and understood, we will continue to operate on a business as usual footing. We will communicate with our customers, if the situation changes.

How will this affect the UK housing market?

As yet, we do not know the long term effect on the UK housing market of the UK’s decision to leave the EU. Until the impact is known and understood we will continue to operate on a business as usual footing and will continue to finance property on the same terms. We will communicate with our customers, if the situation changes.

Will I still be able to use ATMs in EU countries?

Yes. Your bank cards should work as usual and you will still be able to use ATMs across Europe.

Can I still make and receive payments from EU countries?

Yes. There will be no immediate changes to how you make and receive payments.

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