About Al Rayan Bank

Find out more about Al Rayan Bank, how we are different from other banks and why more and more people are choosing us for their banking requirements.

How is Al Rayan Bank different to conventional banks?

As the UK’s oldest and largest wholly Sharia compliant retail bank, Al Rayan Bank offers consumers a different approach to banking. Over the last decade, Al Rayan Bank has helped thousands of UK Muslims undertake their day-to-day banking requirements without compromising the principles of their faith.

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How are Al Rayan Bank’s products different?

Each product offered by the Bank uses specific Islamic finance principles that are derived from trade, entrepreneurship and risk-sharing. Each product is individually approved by the Sharia Supervisory Committee.

Is Al Rayan Bank an ethical bank?

Al Rayan Bank’s approach has been recognised as an ethical alternative to conventional banking by Ethical Consumer magazine and the Move Your Money campaign, a comparison of just over 70 UK and global banking providers on five key categories – honesty, customer service, culture, supporting the economy and ethics.

How does Al Rayan Bank ensure it is Sharia compliant?

Al Rayan Bank has a dedicated Sharia Compliance Officer (SCO) and an independent panel of Sharia Scholars, called the Sharia Supervisory Committee (SSC), to ensure that its products and activities are Sharia compliant. 

What does Al Rayan Bank offer?

Al Rayan Bank provides the largest range of Sharia compliant retail financial products in the UK. Over the last decade, Al Rayan Bank has helped tens of thousands of customers, Muslim and non-Muslim, buy their own homes, save for their children’s future and expand their businesses without compromising the principles of their faith.

As an ethical bank does Al Rayan Bank have a sustainability policy?

Al Rayan Bank does not currently have an official sustainability policy, but this is something we are working on and hope to announce in the near future.

What socially responsible activities does Al Rayan Bank participate in?

As well as supporting national and international charities, Al Rayan Bank is active in the community - supporting local charities and sponsoring numerous community events.   Additionally we regularly undertake community-based work, such as providing mentoring to school children through the Mosaic Network and Schools Enterprise Challenge.

Aren’t the ‘profits’ Al Rayan Bank offers simply interest dressed up in a Sharia compliant way?

No, absolutely not. This is something which is sometimes asserted, but it is wholly inaccurate. Al Rayan Bank shares profits with savings customers as a result of trading activities and charges rent to home finance customers. All products are fully endorsed by the Sharia Supervisory Committee and are 100% in accordance with the principles of Sharia.

How does Al Rayan Bank work in a socially responsible way?

As well as being guaranteed that their money will never be invested in any activity not permitted under Sharia, Al Rayan Bank is committed to transparency and fairness, integrity and respect, putting the customer at the heart of its business.

How does Al Rayan Bank work in a transparent way?

Al Rayan Bank customers are made aware that savings accounts offer ‘expected profits’ and that the Bank uses their money in trades of low risk commodities (metals) and in the Bank’s property finance products. 

The whole premise of Islamic banking is that the customer and bank work together as trading partners towards a mutually profitable end. This is monitored by an expert independent body, the Sharia Supervisory Committee (SSC), to ensure that the Bank’s activities do not only serve its own purposes but benefit the customer as well.

Are Al Rayan Bank’s admin fees fair?

As an Islamic bank, any charges Al Rayan Bank imposes on its customers cannot be arbitrarily high and unjustifiable. All charges must be fair and reflective of the actual cost/effort required for the Bank to undertake the activity.

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