Each of Al Rayan Bank's accounts is fully approved by the Sharia Supervisory Committee.
A - Z of Islamic finance
Learn more about Islamic finance terminology with our A to Z of Islamic finance.
V to Z
- A promise or undertaking
- The acceptance of sums of money for safe-keeping in a Sharia compliant framework
- An agency contract, which usually includes in its terms a fee for the expertise of the agent. Used in some Al Rayan Bank savings accounts
- The third pillar of Islam. An obligatory contribution or tax which is prescribed by Islam on all Muslim adults having wealth above an exemption limit at a rate fixed by the Sharia.
How is Islamic finance different?
Islamic finance works differently to conventional banking and is regarded as ethical by those who use it. But how is it different and why is it considered ethical?