Al Rayan Bank celebrates Ramadan by increasing expected profit rate on Instant Access Cash ISA

23 April 2018

To celebrate Ramadan, which begins in May, Al Rayan Bank, one of the fastest growing banks in the UK, is boosting payments to UK savers by increasing the expected profit rate (EPR) of its Instant Access Cash ISA from 1.22% (gross per annum) GPA to 1.35% GPA.

Key product features and benefits:

  • Market leading returns and the highest expected profit rate Al Rayan Bank has offered on its Instant Access Cash ISA 
  • Available to new and existing customers
  • Pay money or apply online, by mobile app, by telephone, by post or in branch
  • Minimum opening balance of £50
  • Flexibility to make additional deposits with no minimum amount, up to annual cash ISA allowance
  • Instant access to money online or through telephone banking service

Al Rayan Bank, the UK’s oldest and largest Sharia compliant bank is one of the fastest growing banks in the country. It increasingly appeals to customers of all faiths and currently estimates that over one third of its customers are not of the Muslim faith.

Sultan Choudhury, CEO of Al Rayan Bank, commented, “At Al Rayan Bank, we’re proud to offer a suite of market leading cash ISA products to our customers, and are pleased that our instant access cash ISA is the latest to top the best buy tables.

“Ramadan is a time of reflection and renewal; as the UK’s leading Islamic bank, we want to celebrate this special time with our customers with this new offer. We also want to use the time as an opportunity to welcome new customers to the Bank.”

Alongside its cash ISA product, Al Rayan Bank offers market leading* and award winning** 12-month and 24-month Fixed Term Deposit Cash ISAs, which have an EPR of 1.50% GPA (12-month) and 1.70% GPA (24-month).

As an independent UK bank, Al Rayan Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA. The Bank is a member of the UK Financial Services Compensation Scheme, which guarantees customers’ deposits up to £85,000.

More info

ENDS

^ Al Rayan Bank is the largest Islamic Bank by assets and the 9th fastest growing of all banks by profits. 2018 Bank League Tables: a complete analysis of all the UK incorporate banks, Searchline Publishing 2018.

*Best Fixed Account Provider – Moneyfacts Awards 2017

** Top of the table on Moneyfacts for 12 and 24 month fixed accounts. Correct as of 18.04.18 - https://moneyfacts.co.uk/isa/fixed-rate-isa/

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