Shariah account
Fixed Term
FSCS Protected
(Max. £85,000)£1,000 - £85,000
5 years
AlRayan Bank is the UK’s oldest, largest, and most successful Sharia-compliant bank offering Sharia-compliant and FSCS protected savings products. AlRayan Bank have been pioneering, ethical Islamic banking in the UK since 2004.
AlRayan Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
The Financial Services Compensation Scheme (FSCS) is the United Kingdom's statutory deposit guarantee scheme that covers deposits in savings accounts up to £85,000 (£170,000 for joint accounts), per banking group regulated by the Financial Conduct Authority or the Prudential Regulation Authority. This means that if the bank fails, and deposits become unavailable, the scheme may cover your deposit account deposit up to £85,000 (£170,000 for joint accounts), per banking group. Compensation limits are per person per firm, not per deposit. Be aware that if you have other deposits with this bank (or banking group) then the protection applies only to eligible deposits up to this limit. For more information on FSCS protection, and eligibility, please see FSCS eligibility. Funds held under a trust model can take up to three months to be returned, but in most cases will be returned sooner than this.
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We're here to answer any questions you may have.
A Fixed Term Deposit, also known as a term deposit or fixed rate bond, is a type of savings account where you deposit a sum of money for a set period (the "term") and receive a fixed interest rate (or expected profit rate in the case of Shariah savings) for that duration.
A Notice account is a type of variable rate savings account that requires you to give advance notice before you can withdraw your money and allows you to top up freely. In exchange for this restriction, notice accounts typically offer higher interest rates than Easy Access accounts, but lower rates than Fixed Term Deposits.
An Easy Access account, also known as an instant access or no-notice account, is a variable rate type of savings account that allows you to deposit and withdraw money whenever you need to, with no penalties. These accounts offer flexibility and convenience for savers.
