Islamic Bank of Britain (IBB), the UK’s only wholly Sharia compliant retail bank, announced that formal shareholder approval has been granted to change its name to Al Rayan Bank.

The change signifies the beginning of a new chapter for the bank as the European subsidiary of Masraf Al Rayan QSC (MAR), the second largest bank in Qatar by market value, a statement said.

Al Rayan 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.

Communications regarding the anticipated rebranding activity from Islamic Bank of Britain to Al Rayan Bank began in October 2014, and shareholder approval has now formalised the change. As a result the Bank has introduced a new Al Rayan Bank logo and brand identity which are being implemented across the Bank’s website, literature, branches and other materials. The new website address is now alrayanbank.co.uk.

Sultan Choudhury, CEO of Al Rayan Bank said: “After 10 years as Islamic Bank of Britain and IBB, the Bank has changed its name to Al Rayan Bank, mirroring its strong and successful parent, Masraf Al Rayan (MAR).”

“Not only is it reflective of the support the Bank has from MAR, it also represents the ambitious growth Al Rayan Bank plans to achieve over the coming months. These are exciting times for the Bank, with further significant developments planned for 2015,” he added.

To support the 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, the statement said, adding that its retail banking and operational head quarters will remain in Birmingham. – TradeArabia News Service