Al Rayan Bank’s exclusive private banking branch in Knightsbridge, London. Investment in London and the UK property remains an ‘excellent choice’ for overseas investors looking for a potential ‘safe haven.’
Masraf Al Rayan-owned Al Rayan Bank has seen a 131% increase year-on-year in September in the volume of property transactions it has financed in the UK, particularly from individuals from the Gulf Co-operation Council (GCC) region.
Four months ago, Al Rayan Bank opened its exclusive private banking branch in Knightsbridge, to serve its premier and private banking clients from the GCC.
With political and economic instability in other parts of the world, investment in London and the UK property remains an “excellent choice” for overseas investors looking for a potential ‘safe haven.’
The city has long been a popular destination for GCC visitors, thanks to a number of factors including favourable air links, internationally renowned attractions, and its shops: the city has the greatest number of international retailers in Europe.
According to a research by CBRE, $11.5bn of capital has been invested by the Middle East into global real estate globally in the first six months of 2015. Nearly a quarter – 24% of this investment was made in London. Figures for the whole of 2014 reveal an even greater share for London, at 32%.
Sultan Choudhury, Al Rayan Bank CEO said, “Middle Eastern wealth is increasingly mobile and GCC investors are naturally drawn to London, with many individuals purchasing property either for investment or as a holiday home. The fact that an increasing number of these investors are choosing Al Rayan Bank for real estate finance is evidence of our strong product range and the superb service that we provide through our Knightsbridge branch. This is driving the unprecedented growth of the bank’s GCC business.”
Al Rayan Bank also offers Commercial Property Finance (CPF) for GCC applicants, as well as home finance and CPF for the UK residents and businesses. In addition, the bank provides a wide range of personal and business savings accounts.
Al Rayan Bank has grown significantly in recent years and is on course to deliver its strongest financial performance ever in 2015. Last year, the bank’s operating income increased by 168%, its customer financing by 86% and its retail deposits by 59%, all of which helped to help generate an after-tax profit of £1.2mn.
Al Rayan Bank is a Shariah compliant bank, founded on faith-based, ethical principles that are derived from trade, entrepreneurship and risk-sharing, in which the customer and bank work together as partners towards a mutually profitable end.
These principles prohibit the bank from investing savers’ deposits in unethical activities such as gambling, pornography, speculation, tobacco, arms and other commodities not in keeping with the values of Islam.