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First Islamic bank opens in Scotland.

BANKING AND CREDIT NEWS-November 29, 2016-First Islamic bank opens in Scotland


Al Rayan Bank has opened an office in Glasgow, becoming the first wholly Sharia compliant retail bank in Scotland.

The bank, formerly known as the Islamic Bank of Britain (IBB), said on Tuesday that Scottish customers will now have access to the UK's largest range of Islamic retail banking products. This includes Sharia compliant home and property finance products that are tailored to the Scottish market; savings accounts; current accounts and business banking. The bank also accredits Sharia compliant pensions and investment products, which are provided by third parties.

Keith Brown, the Scottish Government's cabinet secretary for the economy, jobs and fair work, said: "Al Rayan Bank's welcome decision to expand its operations into Scotland for the first time highlights the real opportunity offered by ethical finance.

"This announcement reflects Scotland's growing profile in ethical finance."

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Publication:M2 Banking & Credit News (BCN)
Geographic Code:4EUUK
Date:Nov 29, 2016
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