"This is a substantial milestone and an important step in the long-term objective to establish Al Rayan Bank as an enduring European banking brand."
Al Rayan has seen almost a 400% increase in its retail and commercial asset book in the last three years, with 47.7% growth in the last 12 months.
The value of the Bank’s retail asset business, driven by its Home Purchase Plan and Buy to Let Home Purchase Plan products, has increased by 24% in the twelve months, whilst the commercial asset book has increased by 44.7%.
In addition, the Bank has seen a 118% increase in the value of its private and premier asset book, boosted by the opening of its flagship branch in Knightsbridge. In total, Al Rayan Bank has provided real estate financing of almost £1.3 billion since it commenced this line of business in 2008.
Sultan Choudhury, CEO of Al Rayan Bank, said: “We are delighted that the value of the Bank’s retail and commercial asset book has surpassed £1 billion for the first time. The Bank’s recent progress validates the strategic growth plan which was put in place following its takeover by MAR in 2014. This is a substantial milestone and an important step in the long-term objective to establish Al Rayan Bank as an enduring European banking brand.”
