Al Rayan Bank Closes Down some Retail Services Citing Challenging Market Conditions

Current market conditions have compelled the closure of some of Al Rayan Bank’s (Al Rayan)’s lowest deposit Home Purchase Plan (HPP) products in the United Kingdom (UK). Al Rayan noted that this decision would not impact existing customers, or new customers seeking higher deposit HPP products.

According to Al Rayan, the management is constantly reviewing both risk appetite and strategy particularly in the wake of COVID-19, and this decision is in line with similar closures taken by several other UK home finance providers.

This move was met with backlash from concerned stakeholders, citing that this was a matter of significant public interest and would have ‘far-r...