Table Topping 4% return offered on Savings Account from Islamic Bank of Britain
Islamic Bank of Britain IBB, (www.islamic-bank.com) today announced a limited period profit rate of 4%* returns for its 24 month Fixed Term Deposit (FTD) Account. Topping the „Best Buy‟ tables, the account is currently beating the returns being offered by high street banks across the UK.
As an inclusive bank, IBB welcomes savers of all faiths. The minimum deposit for savers wishing to snap up the limited offer rate is £1,000. IBB is authorised and regulated by the Financial Services Authority (FSA) and is a member of the Financial Services Compensation Scheme.
The 24 month FTD account paying 4% profit rate from IBB is expected to be very popular. As well as offering competitive returns the product is based upon ethical principles. With the IBB Fixed Term Deposit Accounts customers have two options:
- Receiving their profit every three months
- Retaining the profit in their account, to be invested with the deposit amount. Customers will receive the combined deposit and profit on maturity
As an Islamic Bank, IBB does not pay interest to its savers. Instead, this rate is offered as an 'expected profit rate', because the Bank invests the depositors‟ funds into Sharia compliant and ethical trading activities. These activities deliver a profit over the agreed, fixed term, which in this case is 24 months.
As part of the agreement between the customer and the Bank, IBB monitors the target profit rate on a daily basis to ensure it is achievable and will provide the return offered to the customer.
If, at any time, market volatility is likely to affect the customer's profit the Bank will inform him/her before his/her rate is affected. IBB then offers the customer a choice to close the account or receive the lower rate of profit. The profit achieved prior to this will remain protected, as will the original capital they deposited with
To date, for this type of savings product, IBB has always achieved the expected profit rate offered to its customers.
The Fixed Term Deposit Account has therefore been designed to provide savers, who have a minimum of £1,000 available funds, with a safe place to deposit their funds and receive an attractive return. Once the account is opened the customer cannot add or withdraw funds before the maturity date.
*Limited offer. The Bank reserves the right to withdraw this offer at any time. Expected profit rates subject to deposit being held with Islamic Bank of Britain for a fixed term period of 24 months respectively. Gross p.a. subject to personal taxation circumstances.
About Islamic Bank of Britain
Islamic Bank of Britain plc (Bank) has pioneered Sharia compliant retail banking in the UK and has launched a wide range of products, including the Home Purchase Plan (the halal mortgage alternative) Current Accounts and Savings Accounts. The Bank was also the first to introduce Sharia compliant business banking to the UK, and now offers a wide range of institutional and business banking products and services, including Commercial Property Finance.
Several of the Bank’s products remain unique in the UK retail market.
The Bank is authorised and regulated by the Financial Services Authority and is a member of Financial Services Compensation Scheme. All products offered by the Bank are fully approved by the Bank’s Sharia Supervisory Committee (SSC).
Sharia compliant banking operates without the use of interest. The products that are offered are structured in a different way to those provided by conventional banks
Whilst the Bank offers products and services that are designed in accordance with Sharia principles, it is an inclusive Bank and welcomes customers of all faiths.
Notes to editors:
Interviews with Islamic Bank of Britain are available on request. The bank should only be referred to as “Islamic Bank of Britain”. If abbreviated please use “IBB”.
Issued by Islamic Bank of Britain Plc, Edgbaston House, 3 Duchess Place, Birmingham B16 8NH