About AlRayan Bank

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 a fully independent Sharia Supervisory Committee.

By following Islamic finance principles laid down in Sharia, Islamic law. To ensure the rules are followed as closely as possible, AlRayan Bank has a Sharia Compliance Department (SCD) and a separate independent body called the Sharia Supervisory Committee (SSC). The SSC is comprised of Islamic scholars and experts in the interpretation of Islamic law and its application within modern day Islamic financial institutions.

The staff in the SCD are also trained to the highest standards, set down by The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). It is recognised as the highest Sharia compliance standard in the Islamic finance industry.

The combined works of the SCD and the SSC ensure that both the AlRayan Bank’s products and its activities comply with Islamic rules at all times.

Read more about the Bank's sustainability journey at Our Sustainability Journey.  

No, absolutely not. AlRayan 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 (Islamic law).

AlRayan Bank customers are made aware that savings accounts offer ‘expected profits’ and that the Bank uses their money in trades of low risk commodities (non-precious metals), Sukuk (Islamic bonds) 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.

AlRayan Bank also advertises all the expected and achieved profit rates on it’s website.

As an Islamic bank, any charges AlRayan 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.