IslamicFinance.de

The synergy between the Islamic Bank of Britain (IBB) and its parent company Masraf Al Rayan will soon be reflected in the British bank’s name. Customers were informed last week that the new name for IBB to be adopted towards the end of the year will be Al Rayan Bank. Sultan Choudhury, chief executive officer of IBB, emphasised in the letter he sent out last week informing customers about the name change that the bank remains British regulated with a British board. The bank has invested heavily in its internet banking capability which has opened up its services to a much broader customer base. Its latest data also shows a big surge in non-Muslim customers.