Islamic Notice Accounts

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

Summary Box - 90 Day Notice Islamic Deposit Accounts:

Account Name: 90 Day Notice Islamic Deposit Accounts

It is a variable rate, with the rate as at 18.10.2018 shown below:-

1.00% AER/Gross p.a.

Profit Share will be calculated at the Calculation Date and will be paid at the end of each Calculation Period and communicated by email or letter.

"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.


As per Shariah guidelines, the profit rate may change from time to time and such changes will be published on our Website.

Clause 4 and 5 of Islamic Accounts Terms and Conditions explains how profit rates can change.

A deposit of £1,000 at an annual Gross rate of 1.00% would generate an estimated balance of £1,010.00

Assumptions taken for above calculations;

  • No change in the amount (no deposits, no withdrawals)
  • No change to the expected profit rate
  • Calculation based on £1,000 deposit

This estimate is for illustrative purposes only and do not take into account individual circumstances.


You must;

  • Aged 18 or over

Minimum/Maximum Balance:

  • No Minimum or Maximum balance requirement

How to open the account:

To apply for one of our Islamic Notice Accounts, simply download the Application Form, fill it out, and return it to: Central Operations, 391-393 Stratford Road, Birmingham, B11 4JZ. You can contact our call centre on +44 (0)121 753 6000 for more information.

How to manage the account:

  • In Branch
  • Via post (United Bank Central Operations, 391-393 Stratford Rd, Birmingham B11 4JZ)
  • UBL Net Banking (account operation limited to viewing only)

Withdrawals can be made by giving 90 days’ notice.

If you wish to withdraw money from your Notice Account without giving us the required Notice Period, or before the expiry of the total Notice Period, please note that this may result in a reduction in the profit 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The relevant reduction in profit when a deposit is withdrawn before maturity and/or required Notice is set out in the table below:

90 Day Notice Islamic Deposit Accounts 50% reduction in total profit calculated

We 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, we 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.

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

We (UBL UK and the Depositor) both recognize and agree that the payment and/or receipt of interest are against Shariah 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 all 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.

This account can 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 we won’t deduct tax from the profit we pay on money in your account. It’s your responsibility to pay any tax you may owe to HM Revenue & Customs (HMRC).

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.

Applications and downloads

To apply for one of our Islamic Notice Accounts, simply download the Application Form from this page, fill it out, and return it to: Central Operations, 391-393 Stratford Road, Birmingham, B11 4JZ. You can contact our call centre on +44 (0)121 753 6000 for more information.

Please select the links below for our Product Specific and General Terms and Conditions:

Islamic Account Terms and Conditions
Personal Banking General Terms and Conditions

To find out more, Contact us on 0121 753 6000 or visit your nearest branch.