IBB name change approved

The change follows the bank’s acquisition by Masraf Al Rayan in January 2014, the second largest bank in Qatar, which pumped £100m of capital investment into Islamic Bank of Britain shortly after.

The UK’s only wholly Sharia-compliant retail bank will continue to operate as normal with a new logo and brand identity, while the new style will be rolled across its branches in the next few months.

Sultan Choudhury, chief executive of Al Rayan Bank, said: “After 10 years as Islamic Bank of Britain and IBB, the Bank has changed its name to Al Rayan Bank, mirroring its strong and successful parent, Masraf Al Rayan.

“Not only is it reflective of the support the Bank has from MAR, it also represents the ambitious growth Al Rayan Bank plans to achieve over the coming months. These are exciting times for the Bank, with further significant developments planned for 2015.”

While Al Rayan Bank will still be headquartered in Birmingham, it plans to develop its presence in London where its commercial operations will be based.