Al Rayan Bank Launches New 36 Month Fixed Term Deposit Account
To coincide with the beginning of Ramadan, Al Rayan Bank PLC, formerly known as Islamic Bank of Britain (IBB), has today launched a 36 Month Fixed Term Deposit (FTD) with a highly competitive expected profit rate of 2.60%*. The 36 Month FTD becomes the highest paying savings account offered by the Bank, which has consistently had at least one of its products top of the savings tables since December 2012**.
Unlike many similar products, Al Rayan Bank’s 36 Month FTD can be opened online, by phone, in branch or by post by anybody above the age of 16, and deposits have no upper limit, above an initial deposit of £1,000.
Profit on the 36 Month FTD can be paid to customers either quarterly or at maturity. For customers that leave the quarterly profit invested in the FTD account for the entire term, the expected return is the equivalent of 2.63%* (gross per annum). Taking the profit quarterly, the expected return is 2.60%* (gross per annum).
As with the Bank’s other fixed term deposits, the 36 Month FTD is likely to prove attractive to people of all faiths. Al Rayan Bank estimates that 83% of all FTD savings customers who joined the Bank in 2014 were non-Muslim. Savers are attracted to Al Rayan Bank by its consistent market-leading expected profit rates, excellent customer service, and ethical approach to banking.
Al Rayan Bank is authorised by the Prudential Regulation Authority, regulated by the Financial Conduct Authority and the Prudential Regulation Authority and is a member of the Financial Services Compensation Scheme.
Al Rayan Bank is founded on faith-based, ethical principles that are derived from trade, entrepreneurship and risk-sharing in which the customer and Islamic bank work together as partners towards a mutually profitable end. These principles also prohibit the Bank from investing savers’ deposits in unethical activities such as gambling, pornography, speculation, tobacco, arms and other commodities prohibited under Sharia.
The Bank’s savings products offer an ‘expected profit rate’, not a fixed rate, because with investment there is always an element of risk. This is closely managed by the Bank so that the risks of not achieving the expected profit rate are extremely low. Since the Bank was established in 2004 it has always achieved the expected profit rate that it has quoted to its customers.
Its overall approach has earned the Bank recognition as an ethical alternative to conventional banking by the Move Your Money campaign and by Global Finance Magazine, which recently named Al Rayan Bank as one of 2015’s ‘Best Islamic Financial Institutions’. Al Rayan Bank can also be found in the top ten of ethical current account providers, according to ratings compiled by Ethical Consumer magazine.