Al Rayan Bank finances almost £230m in expat property

Al Rayan Bank, the UK’s largest Islamic bank, has announced that it has financed £228 million in residential property finance to UK nationals living and working overseas.

In the last 24 months alone, the Bank has provided £152 million worth of finance to expats, an increase of 187% on the previous two-year period.

More than a quarter of the Bank’s expat customers (26%) reside in the UAE, followed closely by Qatar (19%) and Saudi Arabia (15%).

Al Rayan Bank offers a full range discounted variable and fixed rental rate home and property finance products for expats, including:

Home Purchase Plans (Discounted Variable)

  • 60% finance to value 3.39% rental rate
  • 70% finance to value 3.49% rental rate
  • 80% finance to value 3.69% rental rate

Home Purchase Plans (Fixed)

  • 60% finance to value 3.69% rental rate
  • 70% finance to value 3.79% rental rate
  • 80% finance to value 3.99% rental rate

Buy To Let Purchase Plan (Discounted Variable)

  • 75% finance to value 3.89% rental rate

Buy To Let Purchase Plan (Fixed)

  • 75% finance to value 3.99% rental rate

* Fees assisted products are available across the HPP range. Rent only products are available across the BTLPP and HPP Premier range.

Maisam Fazal, Chief Commercial Officer at Al Rayan Bank, said: “There is a large community of British expats living in the Middle East, and many want to buy a property back in the UK to either return to or to use as an investment.

"For most, they will require property financing to be able to do so, which is why our suite of home and property finance products have grown in popularity in recent years, boosting our expat asset book significantly.

"Al Rayan Bank has a keen understanding of the GCC market as a result of our close ties with Qatari parent company, Masraf Al Rayan. We are happy to work with eligible customers in this market to provide bespoke home finance support back in the UK, and our improved distribution channels – particularly in the GCC – mean we are able to connect and support our customers with greater ease.

"We are also experiencing significant interest from markets such as Australia and the Far East as a result of our sensible application criteria and competitive rental rates, and we are keen to grow our support on a worldwide basis."

Founded in 2004 as the first Islamic retail bank in Europe, the Bank has grown in appeal to both Muslim and non-Muslim audiences alike and now has more than 85,000 customers. Over a third of customers are currently believed to be non-Muslim.

Finance to value is the proportion of finance the bank will provide on the overall value of the property

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