Al Rayan Bank appoints new Chief Operations Officer

27 June 2018

Al Rayan Bank, the UK’s oldest and largest Islamic Bank*, has appointed Paul McMillan as its new chief operating officer.

Paul steps into his new role at Al Rayan Bank this month, bringing over two decades of financial services experience to his new post. During his impressive career, Paul has worked for some of the best-known brands in banking, including RBS and Ulster Bank.

Paul has led both banking operations and mortgage operation divisions, and more recently, completed a five-year spell at Acenden, a mortgage servicing solution business, where he spent two years as CEO. During his time at Acenden, Paul was responsible for the growth of the business, taking the firm from 40,000 to 150,000 customers during his tenure.

In his new role at Birmingham headquartered Al Rayan Bank, Paul will oversee all operations including IT, change, operations and first-line risk and control. In his first year he will focus on providing strategic insight into the development of new technologies and operational resilience to support the Bank’s growing customer base.

Commenting on his new role, Paul said: “My specialty is building effective strategies which support behind-the-scenes activity within banks. I’ve spent my career helping teams to innovate and develop, and I’m particularly interested in working within the dynamic customer-centric team at Al Rayan Bank.

“Not only does Al Rayan Bank have all of the components of a leading financial institution, it also operates within an exciting ethical model, and the inclusive attitude of the Board really attracted me to the role. The Bank fulfils an important function within the British retail banking landscape and I’m looking forward to bringing my own expertise to help it continue to seamlessly improve products and services for its customers.”

Sultan Choudhury OBE, Chief Executive Officer, Al Rayan Bank, added: "We always welcome new insight and fresh perspectives, and Paul’s impressive experience in banking will play an enormous role in ensuring we can continue to deliver an excellent service to our customers.

“Paul joins Al Rayan Bank at a particularly exciting time; we’re investing heavily into all operational areas to prepare the Bank for the next stage of its development. On behalf of the Board and the Executive Management Team, I welcome Paul to Al Rayan Bank and very much look forward to working with him.

Al Rayan Bank is the UK's oldest and largest Sharia compliant bank and currently serves over 80,000 customers throughout the UK. It increasingly appeals to customers of all faiths and currently estimates that over one third of its customers are not of the Muslim faith.

As an independent UK bank, Al Rayan Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA. The Bank is a member of the UK Financial Services Compensation Scheme, which guarantees customers’ deposits up to £85,000.

* Al Rayan Bank is the UK’s largest Islamic bank by assets. Bank League Tables 2018 – a complete financial analysis of all the UK incorporated banks, Searchline Publishing.


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