Sultan Choudhury OBE is a British chartered accountant and banker who was part of the management team that won Western Europe’s first Islamic banking licence in 2004 for the Islamic Bank of Britain, later renamed Al Rayan Bank. He became its chief executive in 2014 and received an OBE for services to Islamic finance in 2017, according to Al Rayan Bank.
Quick facts: who is Sultan Choudhury?
| Full name | Sultan Ahmed Choudhury |
| Profession | Chartered accountant and banker, UK |
| Known for | Founding team (2004) and CEO (from 2014) of Islamic Bank of Britain, later Al Rayan Bank |
| Other roles | Chair, National Zakat Foundation (appointed 2013) |
| Honours | OBE (2017); honorary degree, Birmingham City University (2021) |
What did he do before Islamic banking?
Choudhury trained in conventional finance. Published biographies list roles at Deloitte, Charles Schwab and Barclays Private Bank before he moved into Islamic banking.
How did he help build Al Rayan Bank?
He joined the Islamic Bank of Britain at its formation in 2004, as part of the team that obtained the first authorised Islamic banking licence in Western Europe. Al Rayan Bank credits him with setting up head office operations, the branch network, products and service channels in the bank’s early years. After holding senior roles, he was appointed CEO and director in 2014. The bank was later acquired by Qatar’s Masraf Al Rayan and renamed Al Rayan Bank.
Birmingham City University, which awarded him an honorary degree in 2021, said that as CEO he helped make the bank profitable and the largest Islamic bank in Western Europe, and described him as “integral” to bringing Islamic finance to Europe.
What are his other roles?
The Charity Commission lists him as Chair of the National Zakat Foundation, appointed on 10 July 2013, and Companies House lists him as an active director. NZF collects and distributes zakat in the UK, linking his banking career to Islamic social finance.
Career timeline
- Early career: Deloitte, Charles Schwab, Barclays Private Bank.
- 2004: joins the founding management team of the Islamic Bank of Britain.
- 2013: appointed Chair of the National Zakat Foundation.
- 2014: becomes CEO and director of the bank.
- 2017: receives an OBE for services to Islamic finance.
- 2021: honorary degree from Birmingham City University.
Why does his career matter?
The UK is the main Western market for Islamic finance, and the Islamic Bank of Britain was its first dedicated retail Islamic bank. Choudhury’s career shows what it took to run a Shariah-compliant bank inside a regulatory system designed for conventional banks. Its products, especially home purchase plans and savings accounts paying an expected profit rate, are explained in our guides to Islamic mortgages and Islamic savings accounts.
FAQ
In 2014, when the bank was still called the Islamic Bank of Britain.
For services to Islamic finance, in 2017.
The UK’s first dedicated Islamic retail bank, licensed in 2004 and later renamed Al Rayan Bank after its acquisition by Masraf Al Rayan.
