Islamic Bank of Britain name change approved
THE Birmingham-based Islamic Bank of Britain has received formal shareholder approval to change its name to Al Rayan Bank.
The bank said the change signifies the beginning of a new chapter as the European subsidiary of Masraf Al Rayan, the second largest bank in Qatar by market value.
The former Islamic Bank of Britain is the UK’s only wholly Sharia compliant retail bank and as Al Rayan its activities will continue to be monitored by an independent Sharia supervisory committee and a dedicated Sharia compliance officer.
It will continue to operate as a UK regulated bank, and customers’ deposits will remain protected by the Financial Services Compensation Scheme.
Sultan Choudhury, CEO of Al Rayan Bank said, “After ten years as Islamic Bank of Britain and IBB, the Bank has changed its name to Al Rayan Bank, mirroring its strong and successful parent, Masraf Al Rayan.
“Not only is it reflective of the support the bank has from MAR, it also represents the ambitious growth Al Rayan Bank plans to achieve over the coming months. These are exciting times for the Bank, with further significant developments planned for 2015.”
Al Rayan Bank received a £100m capital investment from its new parent company in January, which has enabled it to significantly boost its capabilities and resources.
These include senior appointments, investment in its IT infrastructure and strengthening of its product range to encompass Sharia-compliant real estate finance, commercial and development finance and a private banking offering.
Al Rayan is planning to develop its presence in London, where its commercial and GCC (Gulf Co-operation Council) operations will be based. Its retail banking and operational headquarters will remain in Birmingham.
