Al Rayan Bank is ‘Highly Commended’ for its ISA range at the Moneyfacts Consumer Awards 2017

07 February 2017

Al Rayan Bank, the UK’s largest Sharia compliant retail bank, has been highly commended at the Moneyfacts Consumer Awards 2017 in the ‘ISA Provider of the Year’ category. Presented annually, the independent awards are designed to showcase technically elite products that also have consumer approval. Al Rayan Bank offers two cash ISA products: an Instant Access Cash ISA and a 12 Month Fixed Term Deposit Cash ISA, which is currently top of the Moneyfacts Best Buy tables.

No award entries were submitted for the Moneyfacts Consumer Awards. Instead the results are based on a combination of honest customer feedback, taken from the Moneyfacts annual survey together with in-depth analysis of individual products by its dedicated research team. This year saw record levels of participation from consumers, with almost 118,000 surveys completed.

This is the third consecutive year that Al Rayan Bank products have been recognised by Moneyfacts, the UK’s leading personal finance data provider. In the Moneyfacts Awards 2016, the Bank was highly commended in the Best Fixed Account Provider category, and commended in the Best Bank Savings Provider and Best Notice Account Provider categories. In 2015, the Bank’s 120 Day Notice Account was commended in the Best Notice Account Provider category.

Commenting on the recognition, Keith Leach, ‎Chief Commercial Officer, Al Rayan Bank, said: “Al Rayan Bank is committed to providing ethical and competitive products, and we are thrilled to receive this recognition from consumers. We would like to send our sincere thanks to all of the customers that voted for us.”

Al Rayan Bank has been a pioneer of British retail Islamic banking for nearly 13 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 26% of its customer base is non-Muslim.

Al Rayan Bank’s overall approach has earned it national 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.

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 the Financial Services Compensation Scheme.

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