Al Rayan Bank boosts return on Notice Cash ISA to 2%
Al Rayan Bank PLC, (www.alrayanbank.co.uk), formerly known as Islamic Bank of Britain (IBB), today announced that it has increased the expected profit rate offered for its table-topping 120 Day Notice Cash Individual Savings Account (ISA) to 2.0%. This is paid to the saver free of tax.
The increase, from 1.8%, has reinforced the Notice Cash ISA’s position at the top of the best buy tables, where it has been either first or second since its launch in January 2014. Moneyfacts, the independent comparison website, describes the Notice Cash ISA as an ‘outstanding’* product. The site also highlights that savers receive their return monthly, and notes that this ‘will add to the appeal, particularly for savers seeking a supplement to their income.’
The Al Rayan Bank Notice Cash ISA has already brought a large number of savers of all faiths to the Bank. Attracted by the product’s excellent expected profit rate, the Bank’s reputation for good customer service, and its ethical approach to banking, Al Rayan Bank estimates that 47% of new customers who opened a Notice Cash ISA in 2014 were non-Muslim.
The minimum deposit for the product is £250, savers can make regular deposits up to the annual cash ISA allowance and transfers-in are allowed. Profit is calculated and accrued to the account monthly.
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. The Bank was recently rebranded, following its acquisition by Masraf Al Rayan QSC (MAR), the second largest bank in Qatar by market value.
An inclusive bank which welcomes people of any faith, Al Rayan Bank is founded on ethical principles that are derived from trade, entrepreneurship and risk-sharing in which the customer and Bank work together as partners towards a mutually profitable end. These principles also prohibit the Bank from investing savers’ deposits in unethical activities such as gambling, pornography, speculation, tobacco, arms and other commodities prohibited in Islam.
Al Rayan Bank’s overall approach has earned it recognition as an ethical alternative to conventional banking by the Move Your Money campaign. The Bank can also be found in the top ten of ethical current account providers, according to ratings compiled by Ethical Consumer magazine: http://www.ethicalconsumer.org/buyersguides/money/bankingcurrentaccounts.aspx
As an Islamic Bank, Al Rayan Bank does not pay interest to its savers; instead, it offers an 'expected profit rate', which is generated by investing depositors’ funds in Sharia compliant and ethical trading activities. As part of the agreement between the customer and the Bank, Al Rayan Bank monitors the target profit rate on a daily basis to ensure that it is achievable and will be able to provide the return offered to the customer.
To date, for this type of savings product, Al Rayan Bank has always achieved the expected profit rate offered to its customers.Go Back