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November 30, 2016updated 04 Apr 2017 12:43pm

Islamic retail lender Al Rayan Bank forays into Scotland

Al Rayan Bank, a Shariah-compliant retail bank in the UK, has launched an office in Scotland.

Al Rayan Bank, a Shariah-compliant retail bank in the UK, has launched an office in Scotland.

Al Rayan, formerly the Islamic Bank of Britain, is built on an Islamic banking model that requires customers and a bank to share the risk and profits of any investment.

The bank, an affiliate of Qatar-based Islamic bank Masraf Al Rayan, already has nearly 2,000 customers in Scotland.

Scotland cabinet secretary for economy, jobs and fair work Keith Brown said: "This announcement reflects Scotland’s growing profile in ethical finance."

According to estimates by the bank, non-Muslims constitute 94% of all fixed-term deposit savings customers who have joined the bank in 2016.

Al Rayan Bank CEO Sultan Choudhury said: “We have many Scottish customers, who in the past have managed their accounts through our online and telephone banking channels, so it’s with a real sense of pride that we can now welcome existing and new customers to our first permanent office in Scotland.”

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