Al Rayan Bank delivers strong performance in 2024 with double-digit growth
Al Rayan Bank, the UK’s most successful Sharia-compliant bank, recorded double digit growth in total assets in the year ending 31 December 2024 as the bank continued to expand its financing books in commercial property finance (CPF) and premier banking.
The Bank reached £2.84 billion in assets – up 14 per cent on the previous year – with pre-tax profits reaching £23.47 million, the second highest financial performance in its history.
Funding also increased 13.20% year-on-year, supporting the Bank’s expanded financing activities, which saw the overall financing portfolio grow from £1.89 billion to £2.11 billion over the period.
The Bank attributes its continued success to the strategic focus on CPF and premier banking. This focus has driven significant growth, with the CPF drawdowns of £553m helping to expand the book to £1.17 billion by the end of 2024, a 30% increase from £899 million in the previous year.
Giles Cunningham, Chief Executive Officer of Al Rayan Bank, says the bank is well-placed to continue on its growth trajectory through a focused strategy and commitment to continually provide enhanced experiences to customers and employees.
“This performance is testament to the strength of our strategy, the commitment of our people, the support of our parent and the long-held trust of our customers.
“We’re proud of the achievements we’ve made together over the last 12 months as we’ve continued to digitise the banking experience for our customers and focus our operations on commercial property financing and premier banking.
“Looking ahead, we’re set to continue investing in our banking services and our people and look forward to continue providing the best experiences for our customers, nurturing a great work environment and delivering long-term, sustainable growth.”
The Bank made significant progress in its ESG journey, maintaining its carbon neutral status, reducing paper use by over 50%, publishing its inaugural Sustainability Report, and partnering with Educate A Child International to launch a dedicated fixed term deposit savings account supporting education for marginalised and vulnerable children in Malawi.
The Bank also continued its investment in people and culture, joining ‘Women in Banking and Finance UK’ and implementing several well-being and engagement initiatives, including annual health screenings and mental health support for employees. These efforts contributed to an Employee Engagement Index score of 87% in December 2024 – above the sector average – confirming the Bank’s continued progress as a great place to work.
Chairman of Al Rayan Bank, Michael Williams, said: “A combination of strong leadership and governance, a clear strategic focus, and prudent management of the economic, political, and regulatory factors has driven another excellent financial performance and set the platform for a bright future for Al Rayan Bank in the UK.
“We continue to cement our position as the premier Sharia-compliant bank, twenty years after becoming the first to be issued a licence by UK regulators, and are proud to continue leading the sector as it continues to evolve.”
Founded in 2004, Al Rayan Bank is authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority.
