Islamic banks “vital in accelerating #UK fintech transformation” according to expert

Al Rayan Bank, the UK’s oldest and largest Islamic bank, has announced that more than 20,000 of its customers are now using its digital banking services for their day-to-day banking. According to Dr Samir Alamad, Sharia compliance expert at Al Rayan Bank, Islamic finance institutions have a significant growth opportunity in their hands by making the digital shift, catering not only for Muslim communities but mainstream audiences alike. Their role is vital in reinforcing the UK’s position as a fintech hub and in growing awareness of Islamic finance overall. The Al Rayan Bank Mobile Banking app is available on the App store and Google Play – as well as through its desktop portal, which users can access using the app, through a separate authenticator app or using a hard token device. From 2021, customers will also be able to use the app to validate online purchases made using an Al Rayan Bank debit card.