Our Halal Business Savings Account allows you to generate profit from your savings and remain true to your faith. Under the Islamic Finance principle of Mudaraba, you, the customer, allow the Bank to use it’s expertise to invest your money through Sharia’a compliant activities to generate Halal profit – which we share with you. 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
Term Deposit Account
Our Halal Term Deposit Savings Account is designed to give you a higher profit on your savings over a fixed period of time.
Following Sharia’a principles mean we cannot pay interest; instead we make Sharia’a compliant investments on your behalf and share profits with you. This arrangement is known as Mudaraba, and is approved by our Sharia’a Supervisory Committee.
Key Features
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A minimum deposit of £5,000, over a period of 1, 3 or 6 months.
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Profit will be calculated on the last working day of each month, but it will only be paid on maturity of the term.
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The maturity date of your deposit should normally be at the end of a month, in order for us to pay you profit together with the deposit amount.
Treasury Deposit Account
Our Treasury Deposit Account is designed for sums of money over £100,000. This account is operated under Murabaha principles. Murabaha is a contract between you to purchase and sell Sharia’a compliant commodities; you will benefit from profit generated by the transaction.
Is my money at risk?
To be completely Sharia’a 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.
For more information, please ring a member of our Treasury Dealing Team direct:
Gary Carney, Treasurer : 0121 452 7320
Khayyam Nasar, Treasury Dealer : 0121 452 7331
Lucy Hackett, Treasury Dealer : 0121 456 7844
