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.

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

    0.60%

     

    Expected Profit Rates are correct as at 23.09.2019

    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

    0.60%

    £2,012.00


    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:

    Download the application form, complete and return it:

    • 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)

    How to manage the account:

    • Online: If you are registered for UBL UK NetBanking (Account operations are limited to viewing only)
    • 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)
  • 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

By post

By post

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.