The UK’s oldest Islamic Bank, Al Rayan Bank, is celebrating its 15-year anniversary this year.
Founded in 2004 as the first Islamic retail bank in Europe, the Bank has grown in appeal to both Muslim and non-Muslim audiences alike and currently serves more than 85,000 customers, over a third of which are believed to be non-Muslim.
With an asset book of almost £2bn, Al Rayan Bank is today the UK’s largest Islamic bank and has become a significant rival to mainstream banks, frequently topping the independent ‘best-buy’ savings charts.
The Bank’s Sharia-compliant finance principles mean that it is able to provide Islamic finance to many thousands of Muslim households in the UK which may otherwise be excluded from the financial system altogether due to their faith.
The Bank has also contributed significantly to putting Britain at the forefront of Islamic finance globally and last year became the first ever bank to issue a public Sukuk (Islamic bond) in a non-Muslim country.
Sultan Choudhury OBE, Chief Executive Officer of Al Rayan Bank, commented, “As the UK’s oldest Islamic bank, Al Rayan Bank is a pioneer of British banking and will continue to champion the UK as a global financial hub, confirming the country’s standing as a leading global centre for Islamic finance and expertise.