Islamic Bank of Britain (IBB), the UK’s only wholly Sharia compliant retail bank, has announced plans to change its name to Al Rayan Bank.

Subject to formal shareholder approval, the change will be completed in December, said the bank in a statement.

The rebrand follows IBB’s acquisition, earlier in the year, by Masraf Al Rayan, the fifth largest Islamic bank in the world and the second largest bank in Qatar.  
 
IBB is currently celebrating its 10th anniversary and has ambitious expansion plans as it enters its second decade. As IBB, the bank earned the reputation as a pioneer of British Islamic banking and developed the largest range of Sharia compliant retail financial products in the UK.
 
As Al Rayan Bank, it will be part of an ambitious, global, banking organisation, and is seeking to build upon its own, as well as its new parent’s, strong foundations.

Commenting on the rebrand, CEO Sultan Choudhury said IBB had 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," stated Choudhury.

"Importantly, the bank will preserve the spirit of IBB, remaining a British Islamic bank dedicated to strong, faith-based ethics and great customer service," he added.  
 
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.-TradeArabia News Service