basic bank information
Al Rayan Bank is a UK-based Islamic commercial bank, formerly known as the Islamic Bank of Britain, founded in August 2004 by Middle Eastern investors and parent by Qatar's Masraf Al Rayan. The bank is the first Sharia-compliant bank in the UK to operate primarily for the Muslim community in the UK and provide banking products that comply with Islamic financial principles. The bank has branches in London, Birmingham, Manchester, Leicester and other places, as well as offices in Blackburn, Luton and Tooting. As of 2015, the bank has served 60,000 customers in the UK.
the scope of service
Al Rayan Bank's business is mainly concentrated in the United Kingdom, with 9 branches and agencies, covering major cities such as London, Birmingham and Manchester. As a bank focused on Islamic finance, it serves the Muslim community in the UK and provides financial solutions in line with Sharia's principles.
regulatory and compliance
Al Rayan Bank is regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) in the United Kingdom. Its parent company, Masraf Al Rayan, has been fined £4 million by the FCA for breaches of anti-money laundering rules, involving insufficient verification of the source of funds. Whether the bank participates in the Financial Services Compensation Scheme (FSCS) will need to be further confirmed, but as an FCA-regulated bank, customer deposits are generally protected.
financial health
Al Rayan Bank's parent company, Masraf Al Rayan, reported a net profit after tax of QAR 145.2 million (US$32 million) in its 2023 financial report, up 8% year-on-year. Key financial indicators such as capital adequacy ratio, non-performing loan ratio, etc., are not disclosed in detail in public information, but the overall financial position of the parent company is stable, indicating that Al Rayan Bank has some financial support.
deposit and loan products
deposit class:
- >
large deposits may enjoy higher yields, but the specific interest rate is subject to the latest quotation from the bank.
offers Shariah-compliant savings accounts, such as fixed income savings (expected rate of return rather than interest).
Loan class:
offers Islamic mortgages (Home Purchase Plan, HPP), Adopt a lease or partnership purchase model to avoid traditional interest.
car loans and personal loans also follow the Sharia principle, and the interest rate structure is reflected in the form of profit sharing or leasing.
a list of common expenses
- >
transfer fee: Domestic inter-bank transfer may be charged, and international transfer fee is higher.
overdraft fee: Islamic banks do not typically offer traditional overdraft facilities, but there may be alternatives.
Minimum Balance Limit: Some accounts may require a minimum deposit to avoid fees.
Account Management Fee: Account may be charged for specific accounts, see specific terms.
digital service experience
Al Rayan Bank provides online and mobile banking services, supporting real-time transfers, bill management and other functions. App Store and Google Play ratings are subject to up-to-date data, but as specialized Islamic banks, their digital services may be more focused on compliance and security.
customer service quality
by phone, online customer service and branch consultation, but 24/7 service coverage needs to be confirmed.
complaint handling follows FCA regulations, but the specific complaint rate and resolution efficiency are not disclosed.
multi-language support may be limited, primarily for English and Arabic customers.
security measures
Security of funds: regulated by the FCA, customer deposits may be protected by FSCS (up to £85,000).
Data security: ISO 27001 certification is not disclosed, but it follows the UK financial industry data protection standard.
featured services and differentiations
Islamic finance expertise: Offering savings, mortgages and investments in line with Sharia.
high-net-worth services: may offer customized Islamic wealth management solutions, but the threshold is not disclosed.
market position and honors
as the first Islamic bank in the UK, Al Rayan Bank is a pioneer in the field of Islamic finance.
parent company, Masraf Al Rayan, is a top tier in Qatar's banking sector, but Al Rayan Bank is a niche specialist bank in the UK market.
