Savings

If you are a new customer, to help your application run as smoothly as possible, please ensure you have the following information ready when you apply.

• Move in dates for each applicant's home address (covering the past three years)
• Your National Insurance number

Islamic banks pay profit to their savers rather than interest. Investments are monitored on a daily basis by Al Rayan Bank to ensure that they will provide the expected profit rate which was quoted to the customer. This approach has proved extremely accurate; since Al Rayan Bank was founded in 2004, it has always paid the rate of profit it has quoted to its customers, and on numerous occasions, when investments have performed better than expected, it has even paid more.

Learn more about expected profit

We expect that it will take up to seven business days to fully process your application. We will contact you with your Welcome Letter, either by email or post, to inform you that it is open and tell you how to fund your new account.

You will receive your Welcome Letter once your FTD has been opened, this may take up to seven business days after your application has been completed.  You may receive your Welcome Letter by post, or you may receive it via a secure email. 

You can fund your account by direct account transfer from an account in your name.  You will need to make a note of the following:

• Your account number, which is a unique eight-digit number.
• Your reference number, which is a unique six-digit number preceded by the letters ‘LIB’

You’ll find your account number and reference number in your Welcome Letter, which you will receive after opening your account, or on the ‘Next Steps’ and ‘Final Stage’ screens of your online application.

A Certificate of Profit is a statement that details the total value of the profit that the Bank has credited to a customer’s savings account throughout the previous tax year. Where a customer needs to complete a Self-Assessment for Tax purposes, the Certificate of Profit can be useful.

If you would like us to send you a Certificate of Profit for your savings accounts with Al Rayan Bank, please contact us.