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Islamic Bank of Britain (IBB), the UK’s only wholly Shariah-compliant retail bank, will hereafter be known as Al Rayan Bank.
The change signifies the beginning of a new chapter for the lender as the European subsidiary of Masraf Al Rayan, the second largest bank in Qatar by market value.
Al Rayan Bank’s activities will continue to be monitored by an independent Shariah supervisory committee and a dedicated Shariah 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 IBB to Al Rayan Bank began in October 2014, and shareholder approval has now formalised the change. As a result, the bank has introduced new Al Rayan Bank logo and brand identity which are being implemented across its website, literature, branches and other materials.
“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,” Sultan Choudhury, CEO of Al Rayan Bank, said.
Al Rayan Bank received a £100mn capital investment from its new parent company in January 2014, which has enabled it to significantly boost its capabilities and resources.
To support the increased focus on corporate and real estate finance, Al Rayan Bank will develop its presence in London, where its commercial and Gulf Cooperation Council operations will be based.
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