Al Rayan Bank sees strongest ever start to the year for Commercial Property Finance
Al Rayan Bank has revealed that it is on course for its highest ever annual Commercial Property Finance (CPF) performance, as the impact of the Bank’s shift in strategy to focus on Commercial and Premier Banking begins to take effect.
Last year the Bank achieved record CPF drawdowns of £240m, a significant factor in its strong financial performance for 2021.
Earlier this year, Al Rayan Bank announced its strategy to become a financial institution focused on Premier Banking and Commercial Property Finance - specifically residential investment finance, whilst also providing leading retail savings products to deliver a viable, resilient and Sharia compliant business.
Maisam Fazal, Chief Commercial Officer of Al Rayan Bank said, "Al Rayan Bank’s strong CPF performance in 2022 demonstrates the strength and stability of the Bank. Our strategic decision to transition the focus of the Bank to residential investment finance and premier banking was intended to help ensure long-term sustainable growth and we have already seen that these areas have remained more resilient to the economic headwinds that are hitting the UK economy.
"Our performance at the beginning of the year has been fuelled by the continuing growth of our CPF business and we remain confident that this will be a source of ongoing growth throughout 2022. To date CPF drawdowns have surpassed £140m and our expectation is to end the year above £260m."
Al Rayan Bank is the oldest and largest Islamic bank in the UK. The Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and was the first Islamic bank in the UK to receive a public credit rating.
