Islamic Bank of Britain (IBB), a UK-based wholly sharia compliant retail bank, has planned to change its name to Al Rayan Bank.

The change will be completed in December and it follows IBB’s acquisition recently by Masraf Al Rayan (MAR), a leading Islamic bank in Qatar.

As Al Rayan Bank, it will seek to upon its own, as well as its new parent’s, strong foundations, said a statement.

With a £100 million ($160.8 million) capital investment from its new parent company, the bank has begun to strengthen its product offering and widen its appeal to a broader range of customers. 

The union between MAR and IBB has enabled the bank to retain its core values while boosting its capabilities in order to achieve significant business growth, it said.

Sultan Choudhury, chief executive officer of IBB, said: “IBB has pioneered British retail Islamic banking over the last 10 years, achieving global recognition for its outstanding successes. 

“The change to Al Rayan Bank represents the latest chapter in the Bank’s history, in which it will expand its retail and commercial product offering to a wider audience, with the backing of a strong and successful parent.  Importantly, the Bank will preserve the spirit of IBB, remaining a British Islamic bank dedicated to strong, faith-based ethics and great customer service.”  
 
The rebranding activity will involve the introduction of a new Al Rayan Bank logo and brand identity which will be implemented across the bank’s branches, website, literature and other materials. 

The bank’s activities will continue to be monitored by an independent Sharia Supervisory Committee and a dedicated sharia compliance officer.  It will continue to operate as a UK-regulated bank, and customers’ deposits will remain protected by the Financial Services Compensation Scheme.
 
With an increased focus on corporate and real estate finance, Al Rayan Bank will develop its presence in London, where its commercial and GCC operations will be based.  Its retail banking and operational head quarters will remain in Birmingham, the statement added. - TradeArabia News Service