Al Rayan Bank has announced that it has financed £228m in residential property finance to UK nationals living and working overseas.
The Islamic bank has provided £152m worth of funding in the past 24 months to expats — an increase of 187% on the previous two-year period.
Maisam Fazal, chief commercial officer at Al Rayan Bank (pictured above), said: “There is a large community of British expats living in the Middle East, and many want to buy a property back in the UK to either return to or to use as an investment.
"For most, they will require property financing to be able to do so, which is why our suite of home and property finance products have grown in popularity in recent years, boosting our expat asset book significantly.”
More than a quarter of the bank’s expat customers (26%) reside in the UAE, followed closely by Qatar (19%) and Saudi Arabia (15%).
Maisam added: “We are also experiencing significant interest from markets such as Australia and the Far East as a result of our sensible application criteria and competitive rental rates, and we are keen to grow our support on a worldwide basis."
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