United Kingdom’s Al Rayan Closes its Last Retail Banking Location in the Country

Al Rayan, the largest and oldest fully-fledged Islamic bank in the United Kingdom (UK), has closed its last retail banking branch in the country located at Edgware Road on the 3rd of August 2022, and now only operates one branch for customers with high and ultra-high net worths, according to a report in Salaam Gateway.

Why it Matters?

This branch's closing comes following the steady closure of other retail branches of Al Rayan over the previous few years. The decision was reached by the bank as the demand for branch services and client numbers in the UK continued to fall, while customers were found to be increasingly opting for digital banking services. In spite of the decision, existing clients of the bank can continue to bank with the entity via its p...