Pay no interest, receive no interest!
Our Sharia’a compliant current account takes care of the essentials, offering banking services you would expect from a high street bank without compromising your principles. Our current account pays you no interest and you pay no interest to Islamic Bank of Britain.
We use the Islamic principle of Qard for our current accounts.
A Qard is a loan, free of profit. In essence, it means that your current account is a loan to the bank, which is used by the bank for investment and other purposes. Obviously it has to be paid back to you, in full, on demand.
It allows you the peace of mind of depositing your money in a bank, with the additional reassurance that Islamic Bank of Britain is not investing your money in activities that contravene Sharia’a principles.
Like all our accounts, it has been approved by our Sharia’a Supervisory Committee.
The straightforward bank account
The current account is being offered with a chequebook and multi-functional bank card allowing you to withdraw and spend money at your convenience.
Features and Benefits
- Interest-free bank account: receive no interest, pay no interest
- Debit card and cheque book with £50 cheque guarantee facility (or cash card - subject to status)
- Deposits may be made by cash, cheque or direct account transfer.*
- Withdraw funds at our branches through an ATM, or by direct account transfer to another bank account.*
- Funds deposited will be administered in accordance with Sharia'a Principles.
- Standing order and Direct Debit facilities.
- Regular statements are provided (frequency is subject to the account type).
- International payments.
- Access to our foreign currency and travellers cheque services.
- Automatic access to your account via our automated telephone banking service 24/7 or online.
* Please note: From 1st January 2008 there was an amendment to the tariff list. To find out more about the amendment to the tariff list click here
New Account Opening Criteria
To be eligible to open a Current Account with us please ensure you can answer "yes" to at least one of the following:
- Pay your salary into this account.
- Set up a standing order from another account to us for a minimum of £50 a month.
- Make an initial deposit of £500.
To open an account or for more information click here
Sharia'a Approval - Certificate of Endorsement
Our Current Account has been approved by our Sharia'a Supervisory Committee.
Certificate of Approval for Current Account |
