A Shari'ah compliant home for your savings
Our Islamic Savings Accounts have been developed according to the Islamic principle of ‘Mudaraba’.
In accordance with Mudaraba, you, the customer (or Rab-ul-Mal), deposit your funds with us, the financial manager (or Mudarib). We provide the financial expertise required to manage and invest your funds in a way that complies with Shariah principles.
The profit generated from these ethical and Shariah-compliant investments is then distributed among the depositors, which means there is no element of interest – or Riba – involved in the transaction.
Our Islamic Notice Account offers an expected profit rate where our Islamic Current Account does not. In return for providing the required notice to access your savings, you may achieve a higher expected profit rate than other savings products with no notice.
Rates correct as of 25.08.2020
| Term | Expected profit rate | Minimum deposit | Maximum deposit | Estimated balance after 12 months | ||
| Islamic Notice Account | 90 Day Notice | 1.00% AER/Gross p.s. | £1 | £1,000,000 | £1,010.00 | Find out more |
The UBL UK Ameen Islamic Fixed Term Deposit Account offers savers the option to lock a sum of money away in return for an expected profit rate. The longer you are able to lock your money away, the greater the expected profit rate may be. No additional deposits may be added and early withdrawal fees apply.
Rates correct as of 25.08.2020
| Term | Expected Profit Rate | Minimum Deposit | Maximum Deposit | Estimated Balance at the End of the Term | ||
| Islamic Fixed Term Deposit | 6 Month | 0.15% AER/Gross p.a. | £2,000 | £1,000,000 | £2,001.50 | Find out more |
| Islamic Fixed Term Deposit | 1 Year | 0.60% AER/Gross | £2,000 | £1,000,000 | £2,012.00 | Find out more |
