Sector Focus
Finance
Sponsored by: Mahay Financial Services Credit rating for Al Rayan
Income Protection
By Bally Chand Mahay Financial Services
Birmingham-based Al Rayan Bank has become the UK’s first Islamic bank to earn a credit rating from Moody’s, one of the world’s best known ratings agencies. Moody’s said that the bank’s strengths were its
‘sound asset risk profile, robust capitalisation and sufficient liquid resources’, and as a result it has been granted various ratings for its activities. The bank’s CEO, Sultan Choudhury, said: “This
credit rating marks an important milestone in the history of Al Rayan Bank. “Since the acquisition by Masraf Al Rayan in 2014,
we have implemented a growth strategy to strengthen the balance sheet and build a high credit quality and stable asset book. “We very much value the on-going backing from
It is noted that 18% of the working population will not be able to support themselves into retirement due to not having Income Protection in place. Income Protection is an
insurance policy designed to cover you the life insured who are incapacitated and hence unable to work due to illness and health. The benefits of having
Income Protection is to pay out on illness diagnosed after a deferred period has passed and continue until specified retirement date or until recovery of health. Benefits are paid monthly and may be free of tax. The insurance provider
cannot cancel or refer to renew policy provided the policy holder continues to pay the premium till the policy end date. A waiver of premium option
may be provided where premiums for Income Protection Cover are not required whilst benefits are being paid, however policy cover continues.
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our parent, Masraf Al Rayan, and the Qatar Investment Authority, both of which support our position in the UK. Moody’s credit rating recognises the significant progress that we have made in recent years.” The bank’s treasurer, Amir Firdaus, said: “The
credit rating enables further diversification of the Bank’s funding. We will provide alternative opportunities for the wholesale markets that are competitive as well as ethical.
Sultan Choudhury: Important milestone “Banks, local authorities, other institutional
investors as well as our established retail customer base will be reassured by the strong credit rating that Moody’s has assigned to Al Rayan Bank, providing them exposure to the Islamic Finance markets.” Al Rayan has been a pioneer of British Islamic
banking since it was founded in 2004. The bank has enjoyed unprecedented recent growth in recent years, with the value of its assets increasing by 450 per cent between 2012 and 2016.
Increase in profit warnings for firms
Five profit warnings were issued in the West Midlands in the third quarter of 2017, compared to zero in the previous quarter and two in the same quarter of last year. According to EY’s latest Profit
Warnings report, the increase in profit warnings recorded from July to September reflects the unpredictable economic climate. West Midlands quoted
companies have issued nine profit warnings so far in 2017, the same number of warnings recorded in the first three quarters of 2016. Across the UK, profit warnings
have seen the biggest quarterly rise in almost six years. UK quoted companies issued 75
profit warnings in Q3 2017, significantly above the average levels of warnings (62) for a third quarter and up from the 45 issued in Q2. This high number of profit
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warnings exposes a growing divergence between those sectors of the UK economy more exposed to domestic pressures and those benefiting from growth in overseas markets. Pricing and cost pressures
feature in 25 per cent of all profit warnings so far in 2017, compared with 16 per cent in 2016. Dan Hurd, associate partner in
EY’s restructuring team in the Midlands, said: “Summer brought
50 CHAMBERLINK December 2017/January 2018 Dan Hurd: Mixed fortunes
mixed fortunes for West Midlands plcs, with the contrast between accelerating overseas markets and the slowing UK economy increasing. “Many businesses besieged by
pricing pressures before Brexit, are also now feeling the brunt of rising domestic uncertainty and rising costs. “The rise of profit warnings we’re
seeing in the West Midlands reflects the struggle of some companies caught on the wrong side of economic and digital trends to break free. “Companies with a winning
formula will continue to thrive, but that formula keeps changing and it’s going to get tougher to keep up.”
Bank supports care provider expansion
A West Midlands care provider has opened a new day care centre in Wolverhampton with support from Barclays. Harmony Care’s new centre is on
Claverly Drive in Wolverhampton. Harmony Care are a leading
healthcare and domiciliary care provider in Walsall, specialising in supporting adults and children with learning difficulties. The company already operates a
successful day service centre in Bloxwich, Walsall, offering respite care and social activities. Following discussions with
Wolverhampton City Council, the company has extended its services with the opening of the new Centre. Stuart Lowe, managing director at
Harmony Care, said: “We are excited to announce the purchase of a fantastic community property on Claverly Drive in Wolverhampton. “This purchase will allow us to
extend our excellent services in supporting people with learning disabilities. The property will provide a safe, appealing and unique environment in which we will host bespoke sessions and workshops for adults and children.” Pardeep Johal, relationship manager at Barclays, said: “I am delighted we have been able to help Harmony Care to expand. The feedback they receive regarding the care they provide is excellent and this new purchase will allow them to help more members of the local community.”
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