We use the Islamic principle of Qard for our current accounts.
A Qard is a loan, free of any benefit. 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 principles.
Like all our accounts, it has been approved by our Sharia 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 card1,and cheque book1 with £50 cheque guarantee facility or cash card (1subject to status). Don't forget to stay secure when shopping online by registering with SecureCode before purchasing
- 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 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 click here to read our Tariff List
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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
- Make an initial deposit of £500
To open an account or for more information click here
Please read our Tariff List
Sharia Approval - Certificate of Endorsement
Our Current Account has been approved by our Sharia Supervisory Committee.
Current Account Sharia Certificate