Masraf Al Rayan has announced that Al Rayan Bank of the United Kingdom is in the process of starting the largest sukuk issuance through a British institution by issuing new securities for the first time backed by residential financing of 250 million pounds ($ 347.53 million).
Al Rayan said in a statement to the Qatar Exchange that it was the first bank to issue sukuk outside the Islamic countries.
The bank has taken this step to diversify its funding sources and pave the way for other islamic banks to enable them to issue similar instruments to encourage the Islamic banking industry in the UK.
Al Rayan announced the fourth quarter data , which fell 9.5% to 466.2 million riyals, compared to 515 million riyals for the same quarter of 2016.
The bank's profit last year was 2.028 billion riyals, compared to profits of 2.075 billion riyals in 2016, a decline of 2.3%, with a recommendation to distribute two riyals per share.