On Demand Savings

Earn profit not interest, with flexible, notice-free access.

0.05%*Expected profit rate

Our Sharia compliant On Demand Savings Account lets your business 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%.
  • 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 by cash at our branches, by cheque or by direct account transfer
  • 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

Application forms

Existing customers

Terms and conditions

For your own benefit and protection, you should carefully read the following important leaflets before you complete the application:

Further information

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 websiteAl Rayan Bank is not responsible for the content of external websites.

Summary box

Summary box  
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

Once your account is open, you can deposit as much as you like, whenever you like. You can make a deposit in any of the following ways:

  • Transfer funds or set up a standing order from another account
  • Take your cash or cheque to one of our branches or a branch of Lloyds Bank plc, together with your paying book
  • Send a cheque to Al Rayan Bank PLC, PO Box 12461, Birmingham, B16 6AQ with your account number written on the back
How to make a withdrawal

You can withdraw your funds in any of the following ways:

  • Visit alrayanbank.co.uk and log in to online banking (if you haven’t already, you’ll need to register for online access to your account) 
  • Call 0800 4086 407
  • By visiting one of our branches, or
  • Writing to us at Al Rayan Bank PLC, PO Box 12461, Birmingham, B16 6AQ giving us instructions to make a payment to a nominated account
How to manage your account online

Our secure online banking portal enables you to:

  • View account statements and transactions
  • Move money between accounts, and
  • Apply for withdrawal requests

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
  • Call us on 0800 4086 407 from Monday to Friday, 9am to 7pm or on Saturday, from 9am to 1pm
  • Send us a secure message through our online banking portal
  • Visit one of our branches

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.