Al Rayan Bank Outlines European Growth Plans at Manchester Islamic Finance Seminar
Article Overview
Presenting at an Islamic Finance seminar organised by the Greater Manchester Chamber of Commerce in association with the British Muslim Heritage Centre, Maisam Fazal of Al Rayan Bank, a fully fledged UK bank run in accordance with the principles of Sharia provided an overview of common Islamic finance transaction structures as well as outlining the banks growth plans into Europe.
Expanding Business Model
Presenting Al Rayan’s current business model around its retail banking business, developing private banking services for high net worth individuals and building its real estate asset book, Maisam Fazal also outlined the banks expansion plans into Paris where it hopes to open a retail branch to be followed by Germany and Italy. A number of UK based real estate deals which the bank financed were presented including commercial projects in Knightsbridge, Luton, Islington as well as a development of serviced apartments in London as part of a £82 million project.
Next up was Dr Jonathan Ercanbrack of the University of London who delivered an informative introduction to Islamic finance presentation contrasting in detail the asset backed nature of the Islamic banking model as compared to conventional banking’s fractional reserve model.
