Islamic Bank of Britain (IBB), the UK’s only wholly Sharia-compliant retail bank, plans to change its name to Al Rayan Bank.
The change, which is set to be completed in December, follows the bank’s acquisition earlier in the year by Masraf Al Rayan, the fifth largest Islamic bank in the world and the second largest bank in Qatar.
As Al Rayan Bank, IBB will receive a £100 million capital investment from its new parent company, with which it will strengthen its product offering and widen its appeal to a broader range of customers.
The banks is attracting increasing numbers of non-Muslims – estimating nearly 83 per cent of customers who joined the bank between 1 January 2013 and 15 August 2014 and opened a fixed term deposit account were non-Muslim.
IBB chief executive Sultan Choudhury comments: “The change to Al Rayan Bank represents the latest chapter in the bank’s history, in which it will expand its retail and commercial product offering to a wider audience, with the backing of a strong and successful parent. Importantly, the bank will preserve the spirit of IBB, remaining a British Islamic bank dedicated to strong, faith-based ethics and great customer service.”
Rebranding activity will involve the introduction of a new Al Rayan Bank logo and brand identity which will be implemented across the bank’s branches, website, literature and other materials. The 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.
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