Al Rayan Bank has opened a new office in London's West End.
The Sharia-compliant bank's new office will be located at 15 Stratford Place and will support the rapid growth of its commercial property portfolio and the expansion of its commercial property finance team.
Al Rayan's commercial property team consists of 11 frontline staff after it recruited two experienced commercial property experts who were formerly with Nationwide Building Society.
The bank's real estate asset book now exceeds £1.2bn and commercial property finance has been a major growth area for Al Rayan, growing 44% to £396.5m.
Maisam Faisal, head of commercial property finance at Al Rayan (pictured above), said customers chose commercial property finance from the bank for many reasons.
“For some, it is the fact that we are an Islamic bank and only offer Sharia-compliant financing; for others, it is our commercial approach and our highly experienced staff who can help structure transactions to suit clients' requirements.”
Al Rayan recently helped Investra Investments, which maintains commercial and operational accounts with the bank and utilises financing for real estate acquisitions.
Zaid Randeree, CEO of Investra Investments, felt that Al Rayan had made it simpler for it to do business in the UK and the location of its new office was going to make things even easier.
“For some of our clients, Sharia-compliant finance is an absolute necessity.
“Prior to working with Al Rayan Bank, we had to make use of conventional banks in the UK, and then subsequently apply structures to ensure that the funding was permissible.
“Now this is no longer an issue and we can focus our efforts on continuing to [provide] great service to our clients.”
Al Rayan is authorised by the PRA and regulated by the FCA and is a member of the Financial Services Compensation Scheme.
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