Birmingham-based bank expands north of the border
BIRMINGHAM-based Al Rayan Bank has continued its UK expansion with the opening of a new office in Scotland.
The new office in Glasgow is the only wholly Sharia compliant retail bank in Scotland.
The office was officially opened by Al Rayan Bank’s CEO Sultan Choudhury, and Chief Commercial Officer, Keith Leach, together with key members of the bank’s executive team.
Mr Choudhury said: “Al Rayan Bank is committed to being an inherent part of the communities that we serve. We have many Scottish customers, who in the past have managed their accounts through our online and telephone banking channels, so it’s with a real sense of pride that we can now welcome existing and new customers to our first permanent office in Scotland.”
Scottish Cabinet Secretary for Economy, Jobs and Fair Work Keith Brown also welcomed the move.
He said: “Al Rayan Bank’s welcome decision to expand its operations into Scotland for the first time highlights the real opportunity offered by ethical finance. This announcement reflects Scotland’s growing profile in ethical finance, building on last year’s successful Global Ethical Finance Forum and the work being done by the Edinburgh-based Ethical Finance Hub.”
Scotland has a strong tradition in ethical finance, and the new office is co-located with the Islamic Finance Council UK (UKIFC), a well-established advisory and developmental body that specialises in promoting and enhancing the global Islamic and ethical finance industry.
