Al Rayan Bank (UK), the UK subsidiary of Masraf Al Rayan, has opened an office in Scotland, establishing its presence as the only wholly-Shariah-compliant retail bank in the country.
The office was officially opened by Al Rayan Bank chief executive officer Sultan Choudhury and chief commercial officer Keith Leach, together with key members of the bank’s executive team.
Welcoming the Al Rayan Bank to Scotland, Cabinet Secretary for the Economy, Jobs and Fair Work Keith Brown MSP said, “Al Rayan Bank’s welcome decision to expand its operations into Scotland for the first time highlights the real opportunity offered by ethical finance.
“This announcement reflects Scotland’s growing profile in ethical finance, building on last year’s successful Global Ethical Finance Forum and the work being done by the Edinburgh-based Ethical Finance Hub. I wish them all the best for a successful future in Scotland.”
Scottish customers will now have access to the UK’s largest range of Islamic retail banking product. This includes Shariah-compliant home and property finance products that are tailored to the Scottish market, savings accounts, current accounts, and business banking. In addition, the bank accredits Shariah-compliant pensions and investment products, which are provided by third parties.
Al Rayan Bank is an inclusive bank which welcomes customers of all faiths. Throughout the UK, many non-Muslim customers are increasingly choosing it as their bank of choice, the bank said. The bank estimates that 94% of all Fixed Term Deposit (FTD) savings customers who have joined the bank this year were non-Muslim.
Choudhury said, “Al Rayan Bank is committed to being an inherent part of the communities that we serve. We have many Scottish customers who, in the past, have managed their accounts through our online and telephone banking channels, so it’s with a real sense of pride that we can now welcome existing and new customers to our first permanent office in Scotland.”
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