Islamic bank attracts hundreds of high net worth customers

BIRMINGHAM-based Al Rayan Bank (UK) has seen a spike in its private client business after the strategic expansion of the business.

The bank carefully selected Knightsbridge as the ideal location for a new private banking branch and since the branched opened in May last year it has brought in more than 600 new accounts and helped to grow the value of the bank’s private client real estate business by 173%. At the same time, the value of its private client liabilities has increased by more than 140%.

Situated in Hans Crescent, immediately opposite Harrods department store, the branch provides its private banking customers with a personalised and bespoke banking service and a comprehensive range of Sharia compliant financial solutions, including residential and commercial real estate finance as well as ‘over the counter’ banking services.

The bank is also continuing to evolve its services, including the launch of new safe deposit boxes as well as commission-free foreign exchange services.
 
Ahmed Rawaf, Head of Private Banking, Al Rayan Bank (UK) said: “As expected, our Knightsbridge branch has become an important hub from where our clients, who are mainly from the GCC region, are choosing to carry out their banking requirements.

“In just 15 months since it opened the branch has welcomed many hundreds of new high net worth customers and has been an engine behind the rapid growth in the bank’s private client business. The branch will continue to quickly respond to the changing needs of our private banking customers and we anticipate that the next year will be equally successful.”
 
The bank’s national branch and office network extends to London Edgware Road, London Whitechapel, Birmingham, Manchester and Leicester, as well as offices in Luton, Tooting, Bradford and Blackburn.
 
Al Rayan Bank is an Islamic Bank, founded on faith-based, ethical principles that are derived from trade, entrepreneurship and risk-sharing, in which the customer and bank work together as partners towards a mutually profitable end.

These principles prohibit Al Rayan Bank from investing savers’ deposits in unethical activities such as gambling, pornography, speculation, tobacco, arms and other commodities not in keeping with the values of Islam.