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Al Rayan Bank full steam ahead after posting incredible profit

Al Rayan Bank full steam ahead after posting incredible profit

(20 May 2015 – United Kingdom) Al Rayan Bank PLC, formerly known as Islamic Bank of Britain, has officially opened its new private banking branch in Knightsbridge, London.

The flagship branch will provide high net worth individuals and Gulf Cooperation Council (GCC) clients with exclusive private banking services.

The branch was officially opened by Ambassador for the State of Qatar to the United Kingdom, His Excellency Yousef Ali Al-Khater.

Al Rayan Bank chief executive Sultan Choudhury said the past year had been momentus for the bank, beginning with the acquisition in February 2014 by Masraf Al Rayan, followed by the successful rebrand to Al Rayan Bank.

“And continuing with the posting of the Bank’s most successful financial performance to date, the opening of this new branch follows that remarkable year and, we believe, marks our transition to a new iconic banking brand for London and the UK.”

In April, Al Rayan Bank posted its most successful financial performance to date.

In 2014 the Bank’s operating income increased by 168 percent, customer financing increased by 86 percent and retail deposits increased by 59 percent.

The Bank also transformed a £5.5 million (A$10.7 million) loss in 2013 to an after tax profit of £1.2 million, the first time in its eleven year history that it has posted a profit.

Strategically located in Hans Crescent, Knightsbridge, the Private Bank branch is opposite the prestigious Harrods department store and in an area of London which is popular with many people from the GCC.

It is expected that this will help the branch to become a hub from where Al Rayan Bank will provide an exclusive private banking service, including real estate finance, day-to-day banking services and exclusive, bespoke investment opportunities.

The new branch adds to Al Rayan Bank’s existing network of five branches and three agencies throughout the country.

Additionally, the bank has been studying the feasibility of expanding into France, with Sultan Choudhury saying the Bank sees Europe as a big opportunity.

. “There are a number of countries we would be interested in, but France would be one of the obvious first steps. It’s got a big Muslim population, it has a lot of Gulf Cooperation Council investments.”

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