Al Rayan Bank wins ‘Best Islamic Bank in the UK’ for pioneering Sukuk deal

Al Rayan Bank has been heralded 'Best Islamic Bank in the UK' by the Islamic Finance News (IFN) Deals of the Year awards.

The Bank also scooped the prestigious 'Sukuk Deal of the Year' and 'UK Deal of the Year' awards and has been shortlisted for the 'Global Deal of the Year' award, which will be announced later this year.

The IFN Deals of the Year awards recognise the industry's most ground-breaking transactions. The accolade celebrates Al Rayan Bank as the first bank in the world to issue a public Sukuk (Islamic bond) in a non-Muslim country in February last year. The Sharia-compliant Tolkien Sukuk was the largest ever Sterling denominated Sukuk issued by a UK entity, reinforcing the UK's position as the western hub for Islamic finance.

Al Rayan Bank scooped numerous awards in 2018 including Moneyfacts' 'Best Notice Account Provider' Savings Champion' 'Best Customer Service Provider' and 'Best Islamic Bank of the Year' at the World Muslim Leadership Forum.

Commenting on this latest set of awards, Maisam Fazal, Chief Commercial Officer at Al Rayan Bank said,"We're thrilled to be recognised by Islamic Finance News as the ‘Best Islamic Bank in the UK’. We are also delighted that the Bank’s pioneering securitisation has been recognised. Tolkien Sukuk was oversubscribed with final demand at 155% of book, reflecting the very strong demand for Islamic financing instruments that exists in the UK. It was major milestone in the 15-year history of Al Rayan Bank and we are delighted that it has received so much global recognition."

Vineeta Tan, Managing Editor of Islamic Finance News, commented: “As the oldest Islamic bank in the UK, Al Rayan Bank is paving the way when it comes to positioning Britain at the forefront of Islamic finance globally. This is evident in the numerous landmark milestones the bank has achieved including being the first bank in the world to issue public Sukuk in a non-Muslim country.”

Al Rayan Bank is the UK's oldest and largest* Sharia compliant bank. It increasingly appeals to customers of all faiths and none, and currently estimates that over one third of its customers are not of the Muslim faith.

 As an independent UK bank, Al Rayan Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA. The Bank is a member of the UK Financial Services Compensation Scheme, which guarantees customers’ deposits up to £85,000.

* Al Rayan Bank is the largest Islamic bank in the UK by published accounts, 2018