Al Rayan Bank (UK) CEO to step down

Al Rayan Bank (UK) has announced that Sultan Choudhury has decided to step down as Chief Executive Officer (CEO) with immediate effect.

Ahmed Abdisheikh, Chief Operating Officer (COO) of Masraf Al Rayan, Al Rayan Bank’s parent, will serve as Interim CEO, subject to all regulatory approvals, until a permanent successor has been identified.

Sultan has been with Al Rayan Bank since its inception in 2004 becoming CEO in 2014.

Thanking him for his contribution to the success of the Bank, Simon Moore, Chairman of Al Rayan Bank (UK), said:

"On behalf of the Shareholders and Board of Directors of Al Rayan Bank, I sincerely thank Sultan Choudhury for his commitment and dedication to the Bank.

"Al Rayan Bank is a highly regarded Islamic bank, with a strong balance sheet and investment grade rating. Our parent, Masraf Al Rayan remains fully committed to the long-term success of Al Rayan Bank and to the service of its customers. In 2018 the Board approved a five-year business plan which committed to a period of significant investment designed to ensure that our systems, people and processes are ready to fully support the next stage of the Bank’s progression."

Commenting on his departure, Sultan added:

"I would like to thank the Board and executive management teams of both Masraf Al Rayan and Al Rayan Bank (UK) for their unwavering encouragement. I would also like to thank my colleagues, past and present, for their hard work and dedication and support during my time at the Bank. I’ve been honoured to play my part in the success of Al Rayan Bank and I look forward to watching the Bank continue to develop in the future."