IslamicFinance.de

Al Rayan Bank PLC, formerly known as Islamic Bank of Britain, has officially opened its new private banking branch in Knightsbridge, London. The flagship branch adds to Al Rayan Bank’s existing network of five branches and three agencies throughout the country. It will provide high net worth individuals and Gulf Cooperation Council (GCC) clients with private banking services including real estate finance, day-to-day banking services and bespoke investment opportunities. In 2014 the bank’s operating income increased by 168 per cent, customer financing increased by 86 per cent and retail deposits increased by 59 per cent. The bank also transformed a £5.5 million loss in 2013 to an after tax profit of £1.2 million, the first time in its eleven year history that it has posted a profit.

The Islamic Bank of Britain (IBB), the UK’s only wholly Sharia compliant retail bank, has been acquired by Al Rayan (UK), the UK subsidiary of Masraf Al Rayan (MAR). The acquisition follows a cash offer made on 28 November 2013 for which MAR received over 95 per cent of valid shareholder acceptances, together with approval of the Prudential Regulation Authority for MAR to take control of IBB. MAR considers the acquisition an opportunity to expand its footprint and introduce its range of products to a fertile market with potential for continued growth. It will also enable Masraf Al Rayan to offer its existing Gulf-based customers additional services as they expand their activities into the UK.