Al Rayan Bank (UK) scoops three honours at the Moneyfacts Awards 2016

16 June 2016

Al Rayan Bank (UK) has been recognised by Moneyfacts, the UK's leading personal finance data provider, in three categories, including the highly prestigious ‘Best Bank Savings Provider, at its annual awards. The Bank was also highly commended in the category of ‘Best Fixed Account Provider’ and, for the second year running, commended in ‘Best Notice Account Provider’ category.

The Moneyfacts awards are independent, and recognise financial services companies which the judges consider to have excelled by delivering outstanding products and service to their customers over the previous 12 months.

No award entries were submitted; instead the Moneyfacts’ large and well qualified research team monitored all bank and building society’s products between 1 March 2015 and 29 February 2016. During that period, and for every month since December 2012, at least one of Al Rayan Bank’s savings accounts had topped the Moneyfacts Best Buy tables, the comparison tables produced by Moneyfacts to show which savings accounts offer the UK’s highest rate of return.

This is the second year running that Al Rayan Bank has been recognised at the Moneyfacts awards. Last year, its 120 Day Notice Account was commended in the ‘Best Notice Account Provider’ category.

Commenting on the award, Keith Leach, ‎Chief Commercial Officer, Al Rayan Bank, said: “It’s great to achieve this recognition in three separate categories; I’m particularly pleased that we have been commended in the ‘Best Bank Savings Provider’ category, one of Moneyfacts blue riband awards. The awards are a reflection of the highly competitive, ethical banking products which Al Rayan Bank offers; this recognition is validation of the different, but great, proposition we offer.

Al Rayan Bank has been a pioneer of British retail Islamic banking for 12 years. The first wholly Sharia compliant retail bank in the UK, it has earned a reputation for providing innovative products which appeal to people of any faith. The Bank estimates that in 2015, 86% of fixed term deposit (FTD) customers who joined the Bank were non-Muslim.

Last year Al Rayan Bank was named by Global Finance magazine as one of the best Islamic banks in the world, in its annual list of the World’s Best Islamic Financial Institutions, and by Trade Finance Global as the Best Islamic Finance Services in Western Europe.

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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