Good Money Week
Good Money Week takes place between 8 - 14 October. It is a national campaign that aims to raise awareness of sustainable, responsible and ethical finance to help people make good money choices. It brings individuals, financial advisers, charities, faith, community and student groups together with financial institutions.
For Al Rayan Bank, every week is a ‘Good Money Week’. Since 2004 we’ve developed a strong reputation as the UK’s leading Sharia compliant retail bank. We run our business according to the ethical principles of Islamic finance: equitable distribution for everyone, fair trading, prudent spending, and the well-being of the community as a whole. We take these ethical responsibilities very seriously. We wanted to use this opportunity to remind you of them:
- We never invest your money in activities that we consider unethical, such as gambling, pornography, speculation, tobacco, arms and other commodities not in keeping with the values of Islam. Deposits are invested in asset backed, relatively secure commodities such as property or metals.
- As interest, or riba, is strictly forbidden in Islam, we share in the risk and reward of any transaction with our customers. However, you may not be aware that we do not participate in any interest-bearing activity – or any speculative activity. This includes derivatives, such as options, warrants, swaps, futures, auction rate securities, and currency options.
- We have an internal Sharia compliance department that monitors our products and how we conduct our business, ensuring that everything we do, every day, is in line with the ethical principles of Islam. In this way we can ensure that we remain Sharia compliant at all times.
- Our products are reviewed and approved prior to launch by an external and independent ethics committee – known as the Sharia Supervisory Committee – consisting of eminent scholars with decades of experience in Sharia and Islamic financial law.
- We do not charge arbitrary fees to our customers. Our charges only ever reflect the time and effort that our employees have put in.