On Demand Savings
Earn profit not interest, with flexible, notice-free access.
Our Sharia compliant On Demand Savings Account lets your organisation profit from its savings while remaining true to Islamic teaching. We do not offer interest on the funds; instead, we undertake Sharia compliant activities with the intention of generating profit, which we then share with your business.
Our On Demand Savings Account is operated under mudaraba principles. It is available through our branch network, postal banking, telephone banking and through our secure online banking service.
*Gross p.a. Terms & conditions apply.
Features & benefits
- An expected profit rate of 0.05% (gross p.a.)
- No notice required to make a withdrawal from your savings
- No limit to the number of withdrawals you can make in any month - subject to there being sufficient funds in your account
- Profits are calculated and paid on the last working day of every month, based on the daily closing balance you maintained in your account for that month
- Deposits may be made via a direct account transfer or a cheque from an account in your name; Al Rayan Bank doesn't accept third-party transfers
- Your money is invested ethically. We invest only in Sharia compliant goods and services and, for example, do not invest in alcohol or tobacco companies
- Automatic access to your account via our automated telephone banking service 24/7 or online
Forms & other information
Terms and conditions
For your own benefit and protection, you should carefully read the following important leaflets before you complete the application:
The following information leaflets should also be read:
To view PDFs you need the Adobe Acrobat Reader. This program is available free of charge from the Adobe website. Al Rayan Bank is not responsible for the content of external websites.
|Account name||On Demand Savings Account|
|What is the expected profit rate?||
0.05% (gross per annum)
Your profit is calculated and credited to your account on the last working day of each calendar month.
|Can Al Rayan Bank change the expected profit rate?||
The expected profit rate that applies to your On Demand Savings Account is variable. This means that it can change at any time.
If Al Rayan Bank changes the expected profit rate on your account, we will write to you providing you with enough notice to consider your options before the change takes effect.
|What would be the estimated balance after 12 months||
If on account opening you deposited £1,000 into your On Demand Savings Account and made no further deposits or withdrawals, the estimated balance on the first anniversary of your account opening would be £1000.50.
This is for illustrative purposes only and does not take into account your individual circumstances. This illustration assumes that your account was opened on the first day of the month and there was no change to the expected profit rate throughout the period of this illustration.
|How to make a deposit||
The minimum deposit required for this account is £500. You can only fund your account via a direct account transfer or a cheque from an account in your name. Al Rayan Bank doesn't accept third party transfers.
You can make a deposit in any of the following ways:
|How to make a withdrawal||
You can withdraw your funds in any of the following ways:
|How to manage your account online||
Our secure online banking portal enables you to:
To register, please download an application form or call us on 0800 408 6407
|Contact us||If you need to contact us for any reason you can
Write to us at Al Rayan Bank PLC, PO Box 12461, Birmingham, B16 6AQ
|Additional information||As an Islamic Bank, We do not offer you interest on your funds, instead, we undertake Sharia compliant activities with the intention of generating profit, which we then share with you.|