Masraf Al Rayan QSC is the second largest bank in Qatar and the fifth largest Islamic bank in the world. It invested the funds through its UK subsidiary, Al Rayan.
Sultan Choudhury, interim managing director of IBB, said that the IBB was Al Rayan’s gateway into the UK’s growing market.
He said: “Future plans feature an expansion of property finance to businesses, including development finance.
“IBB aims to broaden its appeal and customer base further, encompassing both Muslim and non-Muslim professionals. The Bank will also expand its services for Gulf-based customers looking to invest in the UK.”
The Sharia bank operate without the use of interest and are founded on Islamic finance principles derived from trade, entrepreneurship and risk-sharing.
Choudhury added: “The Bank intends to maintain a network of retail outlets across the country and is looking to expand the agency model, allowing it to provide small, flexible facilities across a larger number of locations.”
The IBB’s banking operations will remain in Birmingham, yet they hope create a stronger presence in London from where commercial and GCC operations will be based.
