Islamic Bank of Britain to be rebranded as Al Rayan Bank
Islamic Bank of Britain, the UK’s sole Sharia compliant retail bank, has announced that it is to rebrand as Al Rayan Bank subject to shareholder approval.
Should this be forthcoming the switch will be completed by December, marking IBB’s recent acquisition by Qatar’s Masraf Al Rayan, the fifth largest Islamic bank in the world.
Founded just a decade ago the bank is keen to strengthen its product offering to a broader range of customers and will sport a new-look logo and corporate identity across its suite of branches, website, literature and other materials.
Sultan Choudhury, CEO of IBB said, “IBB has pioneered British retail Islamic banking over the last 10 years, achieving global recognition for its outstanding successes. 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.”
IBB will continue to operate as a London based UK bank with deposits protected under the Financial Services Compensation Scheme.