Record breaking profits for Islamic bank
Challenger bank Al Rayan Bank has announced record pre-tax profits of £8.2m, an increase of 32%.
The figure has been driven by the rapid growth in the bank’s balance sheet, which increased by 43% to more than £1.44bn.
The Birmingham-based bank, which opened a branch in Bradford last year, is the UK’s largest Islamic bank by assets.
Its performance benefited from an increase in home purchase and commercial property loans.
In its annual results statement, the bank said Home Purchase Plan (HPP) financing had increased b... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...
