Islamic Bank of Britain set to be rebranded as Al Rayan Bank
- 27th October 2014
- Accountancy & Finance
Islamic Bank of Britain is becoming Al Rayan Bank as part of a significant rebrand.
Islamic Bank of Britain (IBB) is in the middle of celebrating its 10th anniversary, and it’s become readily established as a pioneer of Islamic finance in the UK. It still boasts the widest range of Sharia-compliant retail financial products in the UK, and it seems few banks will be able to compete in the near future. In fact, IBB is actually beginning to diversify its product and service offerings to extend the sphere of Islamic banking in the UK. Soon it plans to reflect these changing conditions with a major rebrand.
By December, IBB will be referred to as Al Rayan Bank Plc, provided the move receives formal shareholder approval.
While it will be rolling out the new branding across its website, branches and literature, the bank will still have a dedicated Sharia Compliance Officer and be monitored by a Sharia Supervisory Committee.
The move will bring it into closer alignment with its new parent company, Qatari bank Masraf Al Rayan, which acquired IBB earlier this year as part of its own growth plans. It’s also clearly intended to reposition the bank less as a specifically British lender and more of a global force.
Masraf Al Rayan is the fifth largest Islamic bank in the world, and making IBB part of one distinctive corporate identity is likely to increase its negotiating power as well as its capabilities. In itself, that’s a clear reflection of the fact that Islamic finance is now a major element of the global banking system.
To fuel its ambitious growth plans, Masraf Al Rayan has already pumped investment worth £100 million into IBB that will further strengthen its products, as well as increasing its appeal.
IBB says it will begin to focus more heavily on business and real estate finance, and there are plans underway to develop the bank’s London presence so it can better serve these sectors.
Sultan Choudhury, IBB chief executive, explains that the bank has been a true trailblazer in British Islamic banking and received international recognition for the success it has achieved so far. The rebrand is a step towards an exciting future.
“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,” he explained.
“Importantly, the bank will preserve the spirit of IBB, remaining a British Islamic bank dedicated to strong, faith-based ethics and great customer service.”
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