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To open a term deposit account you will need to have opened a Savings
Account with us.
Our Term Deposit savings account lets you save money over a fixed period of
time. For Muslims, it provides a way to invest your money while still remaining
compliant with Sharia’a principles.
Features and Benefits
Provides a higher
profit rate than our Savings Account.
Requires a minimum deposit of £5,000, over a period of 1, 3 or 6 months.
Profits
are calculated and accrued every month and paid on maturity.
Deposits may be made by cash, cheque or by direct account
transfer.
Your money is invested ethically. We invest only in Sharia'a compliant goods
and services and, for example, do not invest in alcohol or tobacco
Sharia’a principles mean we cannot offer you interest, instead, we make
Sharia’a compliant investments on your behalf and share the profits with you.
This arrangement is known as Mudaraba, and
is approved by our Sharia’a Supervisory
Committee.
To find out more about the Profit Sharing Ratio click here
Profit will be accrued on your deposit on the last working day of each month,
when the profit calculation takes place, but is paid on maturity of the term.
Because of this, 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.
Our Term Deposit account is available through our branch network or by
post.
Profit
rates
While our investment methods are strictly in keeping with
Sharia’a, we make every effort to ensure that the profit rates paid on all our
savings accounts are market-competitive.
For more information, ring our Customer Services Centre on 0845 6060 786, or
register your interest
here.
To open an
account or for more information click here
Sharia'a Approval - Certificate of Endorsement
Our Savings and Term
Deposit Accounts have been approved by our Sharia'a Supervisory
Committee.
Certificate
of Approval for Savings and Term Deposit Accounts
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