Al Rayan Bank’s 120 Day Notice Account commended at Moneyfacts awards
More than half of new customers believed to be non-Muslim
June 2015 – Al Rayan Bank’s 120 Day Notice Account has been commended by one of the UK’s premier financial comparison companies. The account was praised in the ‘Best Notice Account Provider’ category at the prestigious 2015 Moneyfacts Awards, held at the Pavilion at the Tower of London, earlier this month.
The award comes just a few weeks after Al Rayan Bank was named as one of the best Islamic banks in the world by Global Finance Magazine and announced its best ever financial performance.
The 120 Day Notice Account, which was launched in February 2012, has consistently been one of the UK’s most competitive savings accounts; featuring in the top 3 on the Moneyfacts Best Buy table every month since January 2014.
With a low opening balance of just £250 and an expected profit rate of 1.80%1, the 120 Day Notice Account provides savers with a competitive, ethical alternative to conventional banks’ saving products. That is why the account has proved to be so popular with people of all faiths. Al Rayan Bank estimates that 52% of new customers opening a 120 Day Notice Account since January 2014 have been non-Muslim.
Commenting on the accolade, Sultan Choudhury, Chief Executive Officer, Al Rayan Bank, said: “We’re very pleased that Moneyfacts has recognised the Al Rayan Bank 120 Day Notice Account as one of the country’s top saving products. This commendation, coupled with the fact that more than half of new customers who have opened a 120 Day Notice Account since January 2014 are thought to be non-Muslim, clearly demonstrates our commitment to providing competitive, innovative, products which appeal to consumers of all faiths.”
The finalists of the Moneyfacts Awards were decided upon through a combination of methods. For the Best Notice Account category, this included detailed weekly analysis of the data provided to Moneyfacts and displayed in its magazine or on any of the Moneyfacts online systems between 1 March 2014 and 28 February 2015. This research was undertaken by Moneyfacts’ large and well qualified research team.
The Bank’s savings products offer an ‘expected profit rate’, not a guaranteed rate of return, because with investment there is always an element of risk. However, this is highly managed by the Bank so that the risks of not achieving the expected profit rate are extremely low. Since the Bank was established in 2004 it has always achieved the expected profit rate that it has quoted to its customers, and on occasions has even paid more.
Al Rayan Bank has been a pioneer of British retail Islamic banking for over 10 years, and is dedicated to strong, faith-based ethics and great customer service. The first wholly Sharia compliant retail bank in the UK, it currently has over 60,000 retail, business and premier customers and has earned a reputation for providing innovative products which appeal to people of any faith. This approach has helped it to achieve global recognition for its outstanding success2 and maintain a long lasting reign over the best buy savings tables in the UK3. The Bank has also been recognised as an ethical alternative to conventional banks by the Move Your Money campaign and Ethical Consumer magazine, which places Al Rayan Bank in the top ten of ethical current account providers.
As an independent UK bank, Al Rayan Bank is authorised by the Prudential Regulation Authority, regulated by the Financial Conduct Authority and the Prudential Regulation Authority and is a member of Financial Services Compensation Scheme.
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