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Al Rayan Bank decision to ban transactions outside of the EU could force Muslim charities out of business
28th October 2020
Recently a letter was sent by the Al Rayan Bank to dozens of charities as a sixty-day notice on the changing of the bank’s policies about transferring money overseas. They state, ‘whilst you will still be able to make international payments… to beneficiaries within the EU, you will no longer be able to make international payments to any beneficiary outside the EU’.
This means that many charities will ‘go out of business’ because they will not be able to fund their development work in other countries.
Many Muslim charities will be affected by this and have expressed their concerns, feeling already that Al Rayan were a ‘last resort’ after frustration at their treatment by mainstream banks moved them to have to use Al Rayan.
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