Sharia-compliant bank opens new UK office

Sharia-compliant bank opens new UK office

Al Rayan Bank has announced it has opened a new office in Bradford to be closer to one of the UK's largest Muslim communities.

The bank claims to offer the UK’s largest range of Islamic retail banking products, including Sharia law-compliant home and property finance. 

Islamic banks who comply with Sharia law operate without the use of interest.

Al Rayan Bank announced in June that it was launching a broker platform for mortgage intermediaries with access to its range of Sharia-compliant mortgages and fees.

The new Bradford office will see Al Rayan serve the Bradford as well as the wider West Yorkshire community with Muslims making up 24.7% of the city’s population. 

“I am very pleased that Al Rayan Bank has chosen Bradford as the location for its Yorkshire office,” said Imran Hussain, MP for Bradford East.

“From this office, the bank will provide valuable banking services to the communities of Bradford and West Yorkshire.”

Rizwan Ali, business development manager at Al Rayan, felt that the Bradford office would help the lender cater for its customers.

“As a community bank, we strive to make ethical, Sharia-compliant banking as widely accessible as possible; the new office will help us to do this for the communities of Bradford and West Yorkshire.”

Al Rayan Bank is authorised by the Prudential Regulation Authority as well as being regulated by the Financial Conduct Authority and is a member of the Financial Services Compensation Scheme. 

The bank has a series of national branch and office networks based in the UK’s major cities serving 70,000 customers. 

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