Al Rayan Bank PLC, formerly Islamic Bank of Britain, is a commercial bank established in 2004. The bank welcomes people of all faiths but claims to be the first fully Sharia-compliant bank in Britain. Al Rayan is seeing a surge in popularity amongst non-Muslim customers looking for an alternative to conventional British commercial banks. Al Rayan has branches in Birmingham, Manchester, Leicester and London. Al Rayan is both the oldest Islamic bank in Britain and the only one to receive a public rating from Moody’s Investors Service.
Al Rayan Products and Services
Al Rayan offers personal, business, and premium banking services. Current accounts are operated using ‘qard’, an Islamic principle that works on the basis that all deposits are loans to the bank, which are invested and then paid back at the point of demand. All investments made by the bank are also Sharia compliant.
As well as Sharia-compliant banking and finance services, Al Rayan customers also have access to a range of other Islamic financial products including international money transfers, investment services, guidance on Islamic wills and taxes, and a Zakat service for anyone who needs help to either calculate or pay their annual Zakat. Zakat is one of the Five Pillars of Islam and is a payment made annually on certain types of property. It is used for religious or charitable purposes. These additional services are provided by selected third-party partner organisations.
All Al Rayan banking activity is also interest-free; no interest is either earned or charged. This is due to the fact that in Islamic law, to make money from money is strictly forbidden – money itself has no actual value.
Al Rayan Bank Security
The Al Rayan website has extensive advice on different types of banking fraud and how to avoid them; the site also features links to other resources that can help you stay safe while banking online.
Al Rayan Bank Contact Details
St James Court
24-26 Calthorpe Rd