Al Rayan Bank opens Glasgow office

Al Rayan Bank opens Glasgow office

Edgbaston-based Al Rayan Bank has opened an office in Glasgow, in a move that establishes the bank’s presence as the only wholly Sharia compliant retail bank in Scotland.

The office was officially opened by Al Rayan Bank’s CEO Sultan Choudhury and chief commercial officer Keith Leach, together with members of the bank’s executive team.

Cabinet secretary for economy, jobs and fair work Keith Brown 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 products, including Sharia compliant home and property finance products that are tailored to the Scottish market, as well as savings accounts, current accounts, and business banking.

Although specialising in Islamic finance, Al Rayan Bank is inclusive and welcomes customers of all faiths.

Throughout the UK, non-Muslim customers are increasingly choosing it as their bank of choice, and Al Rayan estimates that 94% of all Fixed Term Deposit (FTD) savings customers who have joined the bank this year were non-Muslim.

These customers are attracted, not only by the ethical nature of Islamic finance, but also by Al Rayan Bank’s consistently table topping expected profit rates.

CEO Sultan 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."

The new Glasgow office forms part of Al Rayan Bank’s national branch and office network, which is strategically located throughout major cities in the UK.