Islamic Bank of Britain (IBB) has said that it plans to change its name to Al Rayan Bank subject to formal shareholder approval.

Rebranding activity will involve the introduction of a new Al Rayan Bank logo and brand identity which will be implemented across the bank’s branches, website, literature and other materials.

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The bank’s activities will continue to be monitored by an independent Shari’ah Supervisory Committee and a dedicated Shari’ah Compliance Officer.

It will continue to operate as a UK regulated bank, and customers’ deposits will remain protected by the Financial Services Compensation Scheme (FSCS).

The name change is expected to be completed in December 2014.

The rebrand follows IBB’s acquisition by Qatar-based Masraf Al Rayan earlier in the year.

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Post acquisition, Masraf Al Rayan made a £100m capital investment in IBB, which now aims to strengthen its product offering and widen appeal to a broader range of customers.

Commenting on the rebrand, Sultan Choudhury, CEO of IBB said, "The change to Al Rayan Bank represents the latest chapter in the bank’s history, in which it will expand its retail and commercial product offering to a wider audience, with the backing of a strong and successful parent.

"Importantly, the bank will preserve the spirit of IBB, remaining a British Islamic bank dedicated to strong, faith-based ethics and great customer service."