Al Rayan Bank names new CEO

Sharia-compliant challenger Al Rayan Bank has appointed Peter Horton (pictured above) as its new chief executive officer.

Peter joins Al Rayan from Commonwealth Trade Bank, formally known as Diamond Bank (UK), where he served as CEO from 2016.

He also previously held the role of CEO at Bermuda Commercial Bank and Bank of Maldives.

Peter said he was excited to be leading “such an experienced and dedicated team” in developing the business and growing Al Rayan’s presence in the UK’s Sharia-compliant finance market.

“The bank has grown significantly since its inception more than 15 years ago, thanks to growing demand among Muslim and non-Muslim customers for its market-leading products,” he added.

“I also believe Al Rayan Bank fulfils a unique role in the UK banking landscape, not only for its customers and shareholders, but also UK society as a whole.”

Simon Moore, chairman at Al Rayan Bank, commented: “[Peter] has extensive leadership experience within UK and international banking and has throughout his career managed ambitious transformational agendas to deliver excellent results. 

“This makes Peter well qualified to lead Al Rayan Bank through its next phase of growth and development. 

“I would like to thank Ahmed Sheikh for the excellent job he has done since April 2019 in helping us continue to build a healthy and high performing institution.”

Founded in 2004, the specialist bank currently serves more than 90,000 customers and has a current asset book in excess of £2bn.

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