Al Rayan Bank is the only Sharia compliant retail bank operating in the United Kingdom. Al Rayan Bank provides Sharia compliant savings, finance and current accounts to personal, business and premier customers. Al Rayan Bank Plc is owned by Masraf Al Rayan (MAR) Q.S.C. MAR is a Qatar-based Islamic bank providing banking, financial, investment and brokerage services.
Due to regulatory requirements Al Rayan Bank Plc performs KYC/AML checks when establishing business relationships with a new client. While onboarding a private individual Al Rayan Bank Plc will ask him/her to provide the following documents: passport, ID card, utility bill. For corporate clients Al Rayan Bank Plc will ask to provide corporate documentation as well as information about controlling persons. Al Rayan Bank Plc may request additional documentation or information depending on the case.
Al Rayan Bank Plc is the 77th largest bank in the United Kingdom in terms of total assets. In 2018 its total assets were 1 965,68 mln GBP, providing the bank with the market share of 0.02%. In 2018 the bank's annual profit was 6,43 mln GBP.
Al Rayan Bank Plc participates in the deposit guarantee scheme of the United Kingdom. This deposit guarantee scheme applies to current accounts, savings accounts, time deposit accounts made by private individuals, companies and covers up to up to 85,000 GBP per bank per depositor. Al Rayan Bank Plc is a member of Financial Services Compensation Scheme (FSCS) and makes its contributions into it.
Al Rayan Bank Plc is headquartered in Birmingham.
Al Rayan Bank Plc is authorized and supervised by the Financial Conduct Authority (reference number 229148).