Al Rayan switches off online banking - here's what you need to know
Sharia-complaint bank Al Rayan will close its online banking service in a matter of days
25th February 2020 15:34
by Brean Horne from interactive investor
Sharia-complaint bank Al Rayan will close its online banking service in a matter of days
Al Rayan Bank is shutting down its online banking service on Wednesday 26 February 2020.
Customers will only be able to use the Al Rayan mobile banking app to access their accounts.
Those wishing bank digitally will need to download the Al Rayan app by Wednesday 4 March 2020 to avoid interruptions to their service.
Al Rayan is a Sharia-compliant bank which offers current accounts and savings accounts.
What happens to existing customers?
Existing customers will need to register for the Al Rayan banking app by 4 March 2020.
It will be possible to sign up after this date but customers may experience an interrupted service by doing so.
Existing customers who do not have a compatible smartphone will be able to continue accessing their accounts through a free hard token device via a desktop computer.
To find out if you are eligible for a hard token device, you'll need to contact Al Rayan via phone on 0808 301 6320.
Al Rayan will walk eligible customers through the process over the phone and in written communication.
What happens to new customers?
New customers will not be eligible for a hard token device.
This means that they will have to have a compatible smartphone to bank digitally.
Both new and existing customers will be able to manage their accounts in branch, via post or using telephone banking,
What do customers say?
Customers with Al Rayan accounts expressed outrage on social media about the bank's decision to close online banking:
What does Al Rayan say?
Al Rayan says that the change was led by a demand for more convenient mobile banking services.
A spokesperson for Al Rayan says: “customers need to register for the Mobile Banking app by 4th March to ensure uninterrupted digital banking, although they can still register to use the app any time after 4th March.
"No customer accounts or banking arrangements will be affected by the switch over to Mobile Banking whenever they choose to do so."
“The Mobile Banking app - which has been used by many thousands of Al Rayan Bank’s customers since its launch last year - is more secure, quicker and easier to use.
"The app ensures all customers have a secure service 24/7 with second factor authentication to improve security.
"This has been designed and implemented based on demand for more convenient and mobile-led banking services from our customers.
"Existing Online Banking customers who do not have a compatible smartphone will be able to continue to access their accounts online through a free hard token, which will enable them to continue to access their accounts via a desktop computer.”
This article was originally published in our sister magazine Moneywise, which ceased publication in August 2020.
These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.
Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.