UK-based Al Rayan, a Shariah-Compliant Bank, to Close Down Online Banking Platform, Services Will Only be Available via Bank’s App

UK-based Al Rayan, a Sharia-compliant bank, has decided to close down its online banking service by February 26, 2020. The move will now force its clients to switch over to the bank’s app-only financial services with only a short six days notice period.

Al Rayan’s management sent an e-mail to its clients, noting that the change had been made and informed them that they had just six days during which the must download the bank’s app if they would like to continue to use digital banking services.

In statements shared with a consumer review site? Which, Al Rayan’s representatives said that the bank decided to make this move after seeing increased customer demand for mobile-based banking services and the improved security they offered via two-factor authentication (2FA).

Al Rayan’s announcement was not well-received by many of its clients who said they would not be able to perform their everyday banking activities through a mobile app or simply weren’t interested in doing so.

Several Al Rayan clients expressed their dissatisfaction via social media, while the UK bank simply referred them to its customer support team, which confirmed it had been receiving more complaints than usual.

Those who want to use the bank’s app should be running the iOS version 12 or Android version 8 or higher. One of the bank’s clients reportedly said that the change made is a “disaster” for people who are unable to use Al Rayan’s banking app.

The bank’s management says that thousands of its clients are currently using its app, and that those who might not have a mobile phone that can support the app will get “a hard-token” device, allowing them to access their bank accounts via their desktop computers.

Al Rayan’s app only has a three-star rating on the Apple app store, based on 74 customer reviews.

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