Al Rayan Bank celebrates record year

Al Rayan Bank celebrates record year

Birmingham-based Al Rayan Bank, the UK’s first wholly Sharia compliant retail bank, is celebrating after a record year in 2015 saw profits rise by over 700%.

Al Rayan Bank PLC today (25 April) announced that 2015 was the most profitable year in its history as post-tax profits increased from £1.2m last year to £10.3m. 

The bank’s impressive results have been enabled by a combination of a growing customer base and the implementation of a strategic growth plan set by its board of directors last year.

The ambitious growth plan has already seen the company commit its future to the West Midlands after relocating to a new head office in Edgbaston and increasing its headcount.

Chairman Robert Sharpe said: “These are an excellent set of results. Al Rayan Bank is growing at a rapid, but manageable and well controlled pace.

“This impressive growth is being delivered from within a framework of a robust risk management culture and is carefully fostered in an environment where everyone within the bank is responsible for risk.”

This is yet another success story for the bank which was named by Global Finance magazine as one of the best Islamic banks in the world last year.