Islamic Bank of Britain plc (IBB), the UK’s only wholly Sharia compliant retail bank, announced that, subject to formal shareholder approval, it plans to change its name to Al Rayan Bank PLC.
The change will be completed in December 2014. The rebrand follows IBB’s acquisition, earlier in the year, by Masraf Al Rayan (QSC, MAR), the fifth largest Islamic bank in the world and the second largest bank in Qatar.
IBB is currently celebrating its 10th anniversary and has ambitious expansion plans as it enters its second decade. As IBB, the Bank earned the reputation as a pioneer of British Islamic banking and developed the largest range of Sharia compliant retail financial products in the UK.
As Al Rayan Bank, it will be part of an ambitious, global, banking organisation, and is seeking to build upon its own, as well as its new parent’s, strong foundations. With a £100million capital investment from its new parent company, the Bank has begun to strengthen its product offering and widen its appeal to a broader range of customers. The union between MAR and IBB has enabled the Bank to retain its core values whilst boosting its capabilities in order to achieve significant business growth.
Commenting on the rebrand, Sultan Choudhury, CEO of IBB said, “IBB has pioneered British retail Islamic banking over the last 10 years, achieving global recognition for its outstanding successes. The change to Al Rayan Bank represents the latest chapter in the Bank’s history, in which it will expand its retail and commercial product offering to a wider audience, with the backing of a strong and successful parent. Importantly, the Bank will preserve the spirit of IBB, remaining a British Islamic bank dedicated to strong, faith-based ethics and great customer service.”
Rebranding activity will involve the introduction of a new Al Rayan Bank logo and brand identity which will be implemented across the Bank’s branches, website, literature and other materials. The Bank’s 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.
With an increased focus on corporate and real estate finance, Al Rayan Bank will develop its presence in London, where its commercial and GCC operations will be based. Its retail banking and operational head quarters will remain in Birmingham.
Since IBB opened its doors as the UK’s only wholly, Sharia compliant retail bank in 2004 it has developed the largest range of Islamic retail financial products in the UK and attracted over 50,000 customers. As an inclusive bank, IBB welcomes customers of all faiths and is attracting increasing numbers of non-Muslims.
The Bank estimates that nearly 83% of customers who joined the bank between 1st January 2013 – 15th August 2014 and opened a Fixed Term Deposit account, were non-Muslim, drawn by its great profit rates, excellent service and its ethical approach to doing business.