The Instant Access Cash ISA is offering an expected profit rate of 0.50%, free of tax. The minimum deposit is £50, savers can make regular deposits up to the Annual Cash ISA Allowance and transfers in are allowed. Profit is calculated and accrued to the account monthly.
As an Islamic Bank, Al Rayan Bank does not pay interest to its savers; instead, it offers an 'expected profit rate', which is generated by investing depositors’ funds in Sharia compliant and ethical trading activities. As part of the agreement between the customer and the bank, Al Rayan Bank monitors the target profit rate on a daily basis to ensure that it is achievable and will be able to provide the return offered to the customer.
From 1 December 2012 until 1 January 2015, the bank has consistently offered at least one savings account with the UK’s highest rate of return, according to the Moneyfacts best buy tables.
Since the bank opened its doors as the UK’s only wholly, Sharia compliant retail bank in 2004 it has developed the largest range of Islamic retail financial products in the UK and attracted over 50,000 customers. As an inclusive bank, IBB welcomes customers of all faiths and is attracting increasing numbers of non-Muslims.
The bank recently estimated that 83% of all FTD savings customers who joined the Bank in 2014 and 47% of new customers who opened a 120 Day Notice Cash ISA in the same period were non-Muslim.
The bank was recently rebranded, following its acquisition by Masraf Al Rayan QSC, the second largest bank in Qatar by market value.
