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Islamic Bank of Britain rebranded Al Rayan Bank
- 9th, January, 2015
The re-branding of Islamic Bank of Britain as Al Rayan Bank comes nearly a year after Qatar's Masraf Al-Rayan (MAR) bought out the stuggling bank's Qatari shareholders.
MAR bought Islamic Bank of Britain (IBB) in February 2014. It had previously been owned by Qatar International Islamic Bank, Sheikh Thani Bin Abdulla Bin Thani Jasim al-Thani, and Qatar Insurance Company who together held 95% of the shares. At the same time as it bought out the previous shareholders, MAR also injected £75.75mn into IBB to take its Tier 1 capital to £100mn. After the capital injection MAR held 98% of IBB's shares.
In June, MAR appointed Sultan Choudhury as Chief Executive Officer and Director. Mr. Choudhury has worked for the bank for many years and was previously Managing Director. Several other senior appointments have been made following Al Rayan's acquisition.
Al Rayan Bank is a retail bank offering Shari'a financial services. It is based in Birmingham, a city in the British midlands with a large Muslim community. The bank currently has five branches (two in London, and one each in Birmingham, Luton and Manchester) and three agencies (Luton, London and Blackburn). It is regulated by the Prudential Conduct Authority and Prudential Regulation Authority.
MAR had equity of $2,942mn at the end of 2013, making it the the fifth largest of Qatar's ten commercial banks and the second biggest Islamic bank. It had assets of $18,288mn at the end of 2013.
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