Al Rayan Bank named as the UK’s Best Fixed Savings Account Provider
Al Rayan Bank (UK) has been named as the ‘Best Fixed Savings Account Provider’ in the UK by Moneyfacts, the country’s leading personal finance data provider. The Bank was also highly commended in the category of ‘Best Savings Account Provider’ at Moneyfacts’ annual award ceremony last week. Al Rayan Bank’s 12 month, 24 month and 36 month Fixed Term Deposit (FTD) products currently feature in the Moneyfacts Top 10 Best Savings Accounts tables.
This is the latest in a line of accolades awarded to Al Rayan Bank by Moneyfacts. Three months ago, the Bank was highly commended at the Moneyfacts Consumer Awards 2017 in the ‘ISA Provider of the Year’ category, which is based on customer feedback and in-depth analysis of individual products by Moneyfacts’ dedicated research team. At the Moneyfacts Awards in 2016, the Bank was highly commended as the ‘Best Fixed Account Provider’, and commended as both ‘Best Bank Savings Provider’ and ‘Best Notice Account Provider’. In 2015, the Bank was acknowledged in the ‘Best Notice Account Provider’ category.
The Moneyfacts awards are decided by a comprehensive and independent review of the entire marketplace, conducted by Moneyfacts’ dedicated research team. To determine the winners in this year’s awards, all banking products in the UK were monitored between 1 March 2016 and 29 February 2017. Awards were then given to banks that the judges considered to have excelled by delivering outstanding products and service to their customers over the period.
Commenting on the award, Marklew Rice, Head of Product Management, Al Rayan Bank, (pictured above with Comedian, Joel Dommet and Moneyfacts Editor Lee Tillcock) said “We’re delighted to be named as the UK’s ‘Best Fixed Term Savings Account Provider’ and to be highly commended in the prestigious ‘Best Savings Account Provider’ category. Al Rayan Bank provides a great range of savings products which offer competitive returns and can be managed through a number of channels - branch, telephone or online, this combined with our ethical approach to banking, is proving to be an attractive proposition for an increasing number of people. We believe it is also the reason why our savings products have been recognised by Moneyfacts on seven occasions in the last two years”
Islamic banks pay profit to their savers rather than interest, because interest is strictly forbidden in Islam. In addition, Al Rayan Bank does not invest customers’ deposits in any activity considered unethical by Islam, such as alcohol, tobacco, arms, pornography and gambling. Instead, it invests in asset-backed, ethical Sharia compliant activities, such as property and metals. It is the profit generated from these activities that Al Rayan Bank shares with its customers. Since the bank was formed in 2004, it has always achieved at least the expected profit rate offered to its customers*.
Al Rayan Bank has pioneered British retail Islamic banking for 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 28% of its customer base is non-Muslim.
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 the Financial Services Compensation Scheme.
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* To see the actual profit rates the Bank has paid since 2008, please click hereGo Back