Islamic Bank of Britain plc (IBB), (www.islamic-bank.com), the UK’s only wholly Sharia compliant retail bank, today announced that formal shareholder approval has been granted to change its name to Al Rayan Bank PLC.
The change signifies the beginning of a new chapter for the Bank as the European subsidiary of Masraf Al Rayan QSC (MAR), the second largest bank in Qatar by market value.
Al Rayan 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.
Communications regarding the anticipated rebranding activity from Islamic Bank of Britain to Al Rayan Bank began in October 2014, and shareholder approval has now formalised the change. As a result the Bank has introduced a new Al Rayan Bank logo and brand identity which are being implemented across the Bank’s website, literature, branches and other materials. The new website address is now www.alrayanbank.co.uk
Commenting on the change, Sultan Choudhury, CEO of Al Rayan Bank said, “After 10 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 (MAR). 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 2014, 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 for customers based in the GCC region.
To support the 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.