IslamicFinance.de

Al Rayan Bank, formerly known as Islamic Bank of Britain (IBB), yesterday announced its strongest financial performance to date, resulting in the Bank more than doubling its operating income and posting its first profit since its inception in 2004. The bank’s operating income increased 168 percent to £11.8m in 2014 from£4.4m in 2013. The bank saw 86 percent increase in total customer financing, to £450.3m. Retail deposits increased 59 percent to £509.8m and while wholesale deposits increased 53 percent to £31.7m. Increasing consumer confidence, the continued strength of the housing market and opportunities to provide property finance to the commercial sector as well as to investors in the Gulf has enabled Al Rayan Bank to post its best results to date.