Birmingham-based Islamic Bank of Britain, the UK’s only wholly Sharia compliant retail bank, is to change its name to Al Rayan Bank.
The rebrand, which will take place in December, 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 was 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 a global, banking organisation, and is seeking to build upon its own, as well as its new parent’s, foundations.
With a £100 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.
Sultan Choudhury, CEO 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.”
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.
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.