Our On Demand Business Savings Account allows you to generate profit from your savings and remain true to your faith. Click here to view our profit rates.
Key Features
- No notice required to make a withdrawal*
- No limit to the number of withdrawals you can make in any month
- You can open an account with as little as £20
- Profits are calculated and paid on the last working day of every month, based on the daily closing balance you maintained in your account for that month
*subject to maximum daily limits
Sharia Approval - Certificate of Endorsement
Our Savings Account account has received approval from the Sharia Supervisory Committee.
Certificate of Approval for Savings and Term Deposit Accounts
Our Sharia compliant Term Deposit Savings Account is designed to give you a higher profit on your savings over a fixed period of time.
Following Sharia principles mean we cannot pay interest; instead we make Sharia compliant investments on your behalf and share profits with you. This arrangement is known as Wakala, and is approved by our Sharia Supervisory Committee.
Key Features
- Provides a higher profit rate than our other savings accounts
- Requires a minimum deposit of £1,000, over a period of 3, 6, 12, 18 or 24 months
- Your target profit rate is maintained and monitored throughout the term of your account
- For 3, 6 and 12 month accounts profits are calculated and accrued every month and paid on maturity
- For 18 and 24 month accounts profits are calculated and paid quarterly, or you can retain your profit to be invested with your deposit amount
- Deposits may be made by cash, cheque or by direct account transfer
- Your money is invested ethically. We invest only in Sharia compliant goods and services and, for example, do not invest in alcohol or tobacco
Is my money at risk?
To be completely Sharia compliant there needs to be an element of risk, however the Bank is employing a number of risk mitigating strategies including a profit stabilisation reserve and investing in stable commodities. In two years of operation, no customer has suffered a loss.
To open an account or for more information click here
Sharia Approval - Certificate of Endorsement
Our Savings Account account has received approval from the Sharia Supervisory Committee.
Certificate of Approval for Savings and Term Deposit Accounts