Secure savings, ethical investments

UBL UK’s Ameen Islamic Fixed Term Deposit Accounts offer an Expected Profit Rate in return for savers locking away their money for a fixed period.

UBL UK offer a 6 Months or 1 Year Islamic Fixed Term Deposit, with Profit paid at maturity.

All Ameen Islamic Savings Accounts have been developed according to the Islamic principle of ‘Mudaraba’, providing the peace of mind that you are saving in accordance with your faith.

YOU CAN NOW APPLY FOR ISLAMIC FIXED TERM DEPOSITS THROUGH MOBILE DEVICES, SIMPLY SEARCH 'UBL UK MOBILE BANKING' IN YOUR APP STORE

Good For:

  • Saving in accordance with Shari'ah principles
  • Saving a lump sum for a specific date in the future
  • Saving when you will not need to access your money before the end of the term
  • Achieving a higher rate of Expected Profit in return for locking your savings away for a fixed period

Not Good If:

  • You may need access to your savings before the end of the fixed term
  • You wish to add further or sums to your Account over time
  • You do not wish to have a reduction in profit for accessing your money before the end of the fixed term

This Information Sheet sets out the key information you need to know about your Account. It should be read together with the Personal Banking General Terms and Conditions and the Islamic Banking section of the Personal Banking Specific Terms and Conditions and forms part of our agreement with you. Please keep it for future reference.

  • What is the Expected Profit Rate?

    The Expected Profit Rates for each term are shown in the table below:-

    The Profit Rate may change from time to time and such changes will be published on our website.

    GBP ISLAMIC FIXED TERM DEPOSITS

    TERM

    EXPECTED PROFIT RATE (AER)

    6 Months

    0.15%

    1 Year

    0.48%

     

    Expected Profit Rates are correct as at 10.06.2021

    Your Profit Share will be calculated at the Calculation Date but will be paid at the end of the term (at maturity).

    Profit is calculated on each Calculation Date for each Calculation Period and is paid at maturity and is determined by reference to the profit share set out in Clause 4 and 5 of Islamic Accounts Terms and Conditions.

    "Calculation Date" means the last working day in each calendar month.

    "Calculation Period" means a monthly period equivalent to a calendar month or any specific number of days or months as mentioned in the account product details.

  • Can UBL UK change the profit rate?

    YES

    As per Shari'ah guidelines, the Profit Rate may change from time to time and such changes will be published on our Website (https://www.ubluk.com).

    Clause 4 and 5 of Islamic Accounts Terms and Conditions explains how Profit Rates can change.

  • What would the estimated balance be at the end of the term based on minimum required deposit?

    Below is an example of what the future balance might be after profit has been paid.

    GBP ISLAMIC FIXED TERM DEPOSITS

    TERM

    MIN. DEPOSIT

    EXPECTED PROFIT RATE (AER)

    BALANCE AT THE END OF THE TERM

    6 Months

    £2,000

    0.15%

    £2,001.50

    1 Year

    £2,000

    0.48%

    £2,009.60


    Assumptions taken for the above calculations;

    Calculations based on a minimum deposit of £2,000

    No change in the amount (no deposits, no withdrawals)

    No change to the Profit Rate during the Fixed Term

    These projections are provided for illustrative purposes only and do not take into account individual circumstances.

  • How do I open and manage my account?

    Eligibility:

    You must: 

    • Be aged 18 or over

    Minimum/Maximum Balance:

    • £2,000 minimum deposit
    • £1m maximum balance

    How to open the account:

    The fastest way to apply for UBL UK Islamic Fixed Term Deposits is using your mobile device with our fully digital application process, simply search 'UBL UK Mobile Banking' in your app store, or follow the direct links below;

    Apple Devices

    Android Devices

    You may also complete the Application Form,  and then return it along with verified copies of your Photo ID and either a Bank Statement or Utility Bill as Proof of Address dated within the last 3 months. However this may take up to 15 Working Days to process, forms can be returned in the following ways:

    • In branch: Visit any of our branches Monday to Friday between 9:30am and 4pm
    • In writing: By post, sending instructions to: FREEPOST: RSSA-GJRS-KBCT, UBL UK Central Operations, 391-393 Stratford Rd, Birmingham B11 4JZ (all written instructions must be countersigned and dated by all named Account holders)

    Please make sure that you select the links below and read and understand the Personal Banking Terms and Conditions where you will find full details of the Account, before you apply:

    Personal Banking Terms and Conditions

    How we protect your deposits

    Profit Rate Sheet

    Islamic Banking Schedule of Charges

     

    How to manage the Account:

    Funding your Account

    • When applying through mobile banking, one registered you may access either internet or mobile banking where you will see a Funding Account to which you can make electronic transfers. Once the committed amount has been sent, your Fixed Term Deposit will be funded. You have 10 working days to fund your account to secure the advertised Expected Profit Rate, funds that arrive after this point will be subject to the live Expected Profit Rate for the product type you have selected.
    • You may send a cheque with your postal application in order to fund the Account. Please ensure that the cheque is payable to you, and is from an account which you own and operate.
    • If you wish to wait for your Account to be opened before you fund it if your have chosen a physical application process - you will receive a Welcome Letter up to 5 working days after the account has been opened with your Account details. You may send us a cheque to FREEPOST: RSSA-GJRS-KBCT, UBL UK Central Operations, 391-393 Stratford Rd, Birmingham B11 4JZ, or make an Electronic Transfer to:
      • Sort Code 60-91-66
      • Account number 81006601
      • With your Account number (from your Welcome Letter) as the reference.

    NB: You will have 10 working days to fund your Account, deposits after this period will be subject to the prevailing advertised Expected Profit Rate.

    What is a Funding Account?

    A Funding Account is a non-interest bearing transit account that we use to help you set up your Islamic Fixed Term Deposit. You should only transfer up to the committed amount into the Funding Account. Any additional funds will remain in the Funding Account, but you will not be able to move them through internet or mobile banking and will need to contact us by phone. If you make multiple deposits to fund your account, we will sweep them into your Islamic Fixed Term Deposit once you have reached the minimum funding amount of £2,000.

    Managing your Account

    • Digital applications: if you apply digitally, you will have access to operate and manage your account on mobile or internet banking immediately.
    • Online: If you chose the physical application route, once opened, you may register for New Internet Banking at digitalbanking.ubluk.com, or download our new Mobile App by searching for 'UBL UK Mobile Banking' in your app store. You will need the answers to your security questions and your account number to do this.
    • Secure Message: when registered for internet and mobile banking, you can send secure messages direct to our team to maintain your account and give UBL UK instructions.
    • In branch: Visit any of our branches Monday to Friday between 9:30am and 4pm
    • In writing: By post, sending instructions to: FREEPOST: RSSA-GJRS-KBCT, UBL UK Central Operations, 391-393 Stratford Rd, Birmingham B11 4JZ (all written instructions must be countersigned and dated by all named Account holders)
    • Telephone: You can contact our Customer Services Team Monday to Friday from 9:15am to 5:15pm for support

    You can contact our Customer Services Team on 0121 753 6000 Monday to Friday between 9:15am and 5:15pm for more information.

  • Can I withdraw money?

    If you decide to withdraw/close the Islamic Fixed Term Deposit Account within the first 14 days of opening it, then UBL UK will close your Account on receipt of the instructions and repay all of the money you invested with us with profit calculated in line with clause 7.5 of Islamic Account Terms and Conditions, without undue delay (usually within 2 business days providing your money did not incur any losses in the 14-day period).

    If you decide you wish to close your Islamic Fixed Term Deposit Account after the first 14 days have elapsed but before the Maturity Date, the following will apply:

    a) We will not generally permit you to withdraw (completely or partially withdraw) money or close your Islamic Fixed Term Deposit Account before the Maturity Date.

    b) If, at our discretion under extenuating circumstances, UBL UK allows you to withdraw money (complete or partial withdrawal) or close the Account before the Maturity Date, this may result in a reduction in the profit paid as mentioned in clause 7.5 of Islamic Account Terms and Conditions providing your money did not incur any losses.

    The relevant reduction in profit paid when a deposit is withdrawn before the Maturity Date and/or without the required Notice is set out in the table below:

    TERM OF DEPOSIT

    REDUCTION IN PROFIT (CALCULATED UNTIL THE DATE OF WITHDRAWAL)

    6 Months

    50% reduction in total profit calculated

    1 Year

    50% reduction in total profit calculated

    UBL UK will, however, allow money to be withdrawn or the Account to be closed without reduction in profit in the event of death of the Account Holder (or any of the joint Account Holders).

    a) In these circumstances, if there is a request to do so, UBL UK will repay the deposit amount and any profit earned up to the date of early withdrawal or closure.

    b) Any surviving Joint Account Holders may request that the investment be continued until the date of maturity.

    At maturity, if you instruct us to close your Account, your balance will be sent to the nominated account that you provided when you opened the Account. If you wish to change your nominated account during the life of this Account, you must provide UBL UK with written instructions signed by all Account Holders to do so.

    If you do not give us any instructions before the Maturity Date or we cannot reasonably comply with your instructions, upon the expiry of the term, the balance of your Islamic Fixed Term Deposit Account will be rolled over and invested as a new deposit for a new term of the same duration. Any such reinvestment will be made at the prevailing Expected Profit Rate for that term. Any such reinvestment will be on the Maturity Date if it is a Business Day or if not, on the Business Day immediately following the Maturity Date. We will send you a confirmation if we reinvest your money.

  • Additional Information

    UBL UK Ameen Islamic Savings Accounts are interest free. All money deposited will be maintained and invested in accordance with Shari'ah rules and requirements. Profits will be distributed to the holders of Islamic Savings Accounts and Islamic Fixed Term Deposit Accounts in accordance with the guidance of the Bank’s Shari'ah Advisor.

    We (UBL UK and the Depositor) both recognise and agree that the payment and/or receipt of interest are against Shari'ah principles and consequently this agreement does not involve the payment or receipt of interest. We (UBL UK and the Depositor) both agree with each other that neither of us will in any proceedings against the other, claim interest from the other and we both expressly waive and reject any entitlement to recover interest from the other.

    Our UBL UK Ameen Islamic Savings Accounts are based on the Islamic financial principle of Murdaraba.

    • A partnership in which one party provides the capital and the other provides the expertise.
    • The capital provider is called the ‘Rabb-al mal’ and the expert is called the ‘Mudarib’.
    • The Mudarib invests the Rabb-al mal’s money to generate profit, which is not guaranteed.
    • The actual profit generated by the Murdarib is shared between both parties according to a pre-agreed ratio.
    • Any loss in the capital is borne by the Rabb-al-mal, except when there is any proven negligence, fraud, and breaching of the agreed terms and conditions by Mudarib.
    • It is a Shari'ah requirement that the mechanism for distributing profit must be clearly defined in a way that eliminates uncertainty and any possibility of dispute.

    Islamic Fixed Term Deposit Accounts may be held in single or joint names.

    Profit will be paid using the Gross Rate and tax will not be deducted where your profit is exempt.

    Gross Rate means that UBL UK will not deduct tax from the profit we pay on money in your Account. It is your responsibility to pay any tax you may owe to HM Revenue & Customs (HMRC) or other Tax Authorities.

    AER stands for Annual Equivalent Rate and illustrates what the Profit Rate would be if profit was paid and compounded once each year. As every advertisement for a savings product which quotes profit rate will include an AER, it makes it easier for you to compare what return you can expect from your savings over time.

    UBL UK DOES NOT COMPOUND PROFIT.

How to apply

Mobile

Mobile

The fastest way to apply is using your mobile device, simply search 'UBL UK Mobile Banking' in your app store or use the links below.

By post

By post

You may apply by completing and returning the application form but it may take up to 15 days to process your application.

Freepost: RSSA-GJRS-KBCT, 
UBL UK Central Operations, 
391-393 Stratford Rd, 
Birmingham B11 4JZ

In branch

In branch

Pop into any UBL branch and our staff will be happy to help. In busier periods when staff may not be immediately available, we’ll be happy to book an appointment for a later date.