Commercial property

Sharia-compliant bank surpasses £1bn in assets

Sharia-compliant Al Rayan Bank has announced that the value of its retail and commercial assets has surpassed £1bn for the first time.

The news comes amid a period of major expansion for Al Rayan, with the bank reporting a 389% rise in its retail and commercial asset book over the last three years.

This growth follows the bank’s acquisition by Masraf Al Rayan QSC (MAR) in February 2014.

Sultan Choudhury, CEO of Al Rayan Bank, said: “We are delighted that the value of the bank’s retail and commercial asset book has surpassed £1bn for the first time.

“This is a substantial milestone and an important step in the long-term objective to establish Al Rayan Bank as an enduring European banking brand.”

The value of Al Rayan’s retail asset business – which includes its popular home purchase and buy-to-let home purchase plan products – has increased by 24% over the past 12 months.

Meanwhile, the bank’s commercial asset book has increased by 44.7%.

Al Rayan also reported a 118% increase in the value of its private and premier asset book, which was boosted by the opening of its flagship branch in Knightsbridge.

The firm has now provided almost £1.3bn of real estate financing since entering that market in 2008.

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