Masraf Al Rayan unit IBB appoints new CCO

  With more than 50,000 customers and the largest range of  Shariah-compliant retail financial product in the UK, the bank is considered the pioneer of British Islamic finance

Islamic Bank of Britain (IBB) has announced the appointment of Keith Leach as the company’s new chief commercial officer (CCO).

Leach’s remit is to grow IBB’s corporate and real estate business, focusing on higher value transactions. His appointment follows the bank’s acquisition by Masraf Al Rayan earlier in the year. A £100mn capital investment from IBB’s new parent company will support its expansion plans.

Leach said, “I am joining IBB at a very exciting time. The bank is strongly-committed to developing its product range, particularly real estate and corporate finance in order to achieve its ambitious growth targets.”

IBB CEO Sultan Choudhury said, “Keith brings a wealth of corporate and commercial finance experience to IBB. This is necessary in order for the bank to achieve the strong balance sheet growth it is aiming for. With a focus on high-quality assets, Keith’s appointment provides IBB with the ability to tender for higher value transactions, particularly in the London real estate sector.”

Appointed to the position from his role at the Arab Banking Corp (ABC), Leach has more than 30 years of banking experience with Lloyds, Ahli United, and ABC, 20 years of which has been spent in the UK Islamic finance industry.

Leach has been instrumental in the development of a number of Shariah-compliant retail financial products, including the first home finance product launched in 1997.

Formed in 2004, IBB is celebrating its 10th anniversary this year. With more than 50,000 customers and the largest range of Shariah-compliant retail financial product in the UK, the bank is considered the pioneer of British Islamic finance.

With strong support from its new parent company, Masraf Al Rayan, IBB is building upon its excellent foundations and broadening its offering with a view to achieving profitability in the near future.