12 Month Fixed Term Deposit

Earn a higher level of profit by putting your money away for the fixed term.

1.61%*Expected profit rate

Our Sharia compliant 12 month Fixed Term Deposit Saving Account is designed to give you a relatively high expected profit on your savings over a fixed period of time.

Sharia principles mean that we do not offer you interest, instead we make Sharia compliant investments on your behalf to achieve expected profit rates. This arrangement is known as Wakala, and is approved by our Sharia Supervisory Committee.

All of Al Rayan Bank's products and services are endorsed by our Sharia Supervisory Committee, you can view the Certificate of endorsement for this account by following this link.

*Where profit is reinvested and paid on maturity. Terms & conditions apply.

Features & benefits

  • The expected profit rate is 1.61% annual equivalent (where profit is reinvested and paid on maturity)
  • Profits paid can be taken quarterly. For customers who choose to do this, the gross per annum expected return is 1.60%
  • Requires a minimum deposit of £1,000 over a period of 1 year
  • Deposits may be made by cash, cheque or by direct account transfer
  • Your money is invested ethically. We invest in Sharia compliant goods and services and, for example, do not invest in alcohol or tobacco

Forms & other information

Application forms

(New customers must complete both forms, existing customers need only complete the FTD instruction form)

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 12 Month Fixed Term Deposit
What is the expected profit rate?

1.60% (gross per annum)

Your profit is calculated and paid to your nominated account on a quarterly basis.

Can Al Rayan Bank change the expected profit rate?

The expected profit rate that applies to your Fixed Term Deposit Account is agreed at the outset.

If for any reason Al Rayan Bank believes it will not be able to meet the expected profit rate, we will write to you and you will be able to take back your deposit with all the profit earned to date.

What would be the estimated balance on maturity If on account opening you deposited £1,000 into your 12 Month Fixed Term Deposit Account the estimated balance on the maturity of your account would be £1,016.12.

This is for illustrative purposes only and does not take into account your individual circumstances.

What will happen on maturity?

When your Fixed Term Deposit Account matures, we will take one of the following options:

  • Pay your balance into an existing Al Rayan Bank account 
  • Pay your balance into an account that you nominate
  • Open an Al Rayan Bank On Demand Savings account and pay your balance into this account. The On Demand Savings account is an instant access savings account from which you will be able to withdraw your balance from

We will write to you in advance of the maturity of your account balance to confirm what you would like us to do on maturity.

How to manage your account online

Our secure online banking portal enables you to:

  • View account statements and transactions; and where your account allows for it
  • 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
Your right to cancel

Once you have paid your deposit into your Fixed Term Deposit Account, you wil not be able to close the account or withdraw any of your funds before the date of maturity.

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.

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