Finance Record profit for Al Rayan


Al Rayan Bank PLC has announced record pre-tax profits of £8.2m. The 32 per cent increase in pre-


tax profits has been driven by the rapid growth in the bank’s balance sheet which increased by 43 per cent to more than £1.44bn. The results continue the upward


profitability trajectory that was set in motion when Al Rayan Bank was acquired by Masraf Al Rayan QSC (MAR), one of Qatar’s largest banks, in February 2014. Highlights from the Bank’s


Annual Report include: • Customer financing increased by 43 per cent to £1.44bn and includes:


• Home Purchase Plan (HPP) financing, which increased by 41 per cent to £637m


• Commercial Property Finance, which increased by 44 per cent to £393m


• Retail deposits grew by 67 per cent to over £1.2bn


• The Bank’s investments in Sukuks (Islamic bonds) increased by 38 per cent to £167m Last year also saw the bank


attract new customers in record numbers and open more than 16,000 new accounts at an average of nearly 44 a day.


Al Rayan Bank’s branch in Knightsbridge


‘2016 was another year of progress for Al Rayan Bank’


This was achieved while the bank


strengthened the management team and continued to execute a transformational business strategy, designed to ensure that it maintains its steady growth, control over its costs and sustained profitability in the years ahead. Al Rayan Bank is expanding its


footprint in the UK, opening three new offices in Wembley, Bradford and Glasgow.


Robert Sharpe, chairman of Al


Rayan Bank, said: “Despite political uncertainty and market volatility, 2016 was another year of progress for Al Rayan Bank. “The bank has again delivered a


set of results which reflects positively on the success of our strategy, our focus on customers’ needs and our excellent people. “Al Rayan Bank will continue to


concentrate on its core franchise of retail and private banking and commercial real estate finance, executing a clear strategy to increase assets in its current product range. Funding will continue to keep pace with the bank’s asset growth.”


Sector Focus


Jenny retires from JW Hinks


A partner at independent chartered accountancy firms JW Hinks LLP has retired. Jenny Bomber has stepped


down from being a partner at the Edgbaston-based firm, having spent nearly three decades working for the practice. She joined JW Hinks in 1990


having trained, qualified and become a partner with a small Birmingham practice. She later went on to lead the


business services department, working with family businesses and specialising in healthcare organisations, as well as charities. Jenny was also staff partner for over 20 years. She said: “JW Hinks has been a


major part of my life for many years, and I have enjoyed watching the firm grow into one of the leading independent accountancy practices in Birmingham, through the efforts of all at the firm from students to partners.” Neal Aston, managing partner at


JW Hinks, said: “Jenny has made an invaluable contribution to the firm. We all wish her a very happy retirement and hope that she can now pursue her external interests more fully.”


Bellpenny Employee Benefits Consultant warns, use it and lose it!


The normal mantra for tax planning is “use it or lose it” but this may be the opposite rule in certain areas of pension planning. Individuals choosing to draw their pension benefits whilst they are still working may find that they are then precluded from taking full advantage of their employer’s payments. As the cap on tax relief for pension contributions reduces from £10,000 per year to £4,000 for those who have accessed their pensions flexibly, care needs to be taken to avoid this tax trap.


Take advice from Bellpenny before you act.


Call: 0345 475 7500 Email: hello@bellpenny.com 45 Church Street • Birmingham • B3 2RT


Contact (01926) 512475 www.mcs-corporate.com gjw@mcs-corporate.com


June 2017 CHAMBERLINK 51


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