Zainab saves for her dream holiday

Choosing the best way to save your money can be difficult. Typically, most banks provide a range of instant, notice and fixed accounts, and deciding which one is right for you can be complicated. For Muslim savers the situation can be compounded by the desire to save in a way which is in keeping with their faith.


Zainab was born in London, where she has lived her whole life. The eldest daughter of an Iraqi couple who moved to the UK in the mid-70s, Zainab recently qualified as a dental practitioner and has been working at a practice in North London for six months. 

Zainab, who still lives with her parents, loves to travel and hopes to visit a good friend that she went to university with in Canada next year. Despite only being in her job for six months, Zainab is earning a good salary and she has decided that rather than simply accumulating money in her current account, she needs to invest it somewhere.

Because she’s not exactly sure what her outgoings are likely to be in the next twelve months, she doesn’t want to tie her money away for too long. After a bit of reading, she decides that a notice account is right for her because it seems to offer a balance between flexibility and return.

Zainab visits a comparison website to see which accounts offer the greatest level of return. She enters her details, clicks search and studies the results that are returned. She’s immediately drawn to one result in particular – a 120 day notice account from Al Rayan Bank, which is amongst the very best rates available.

As a practising Muslim, Zainab is very aware of the conflict that exists between conventional banks’ use of interest and the principles of her faith, but she hadn’t realised that Sharia compliant banking was so accessible and competitive in the UK. The more she reads about Al Rayan Bank, the more interested she becomes. She learns that Al Rayan Bank does not provide interest; instead it provides a return for savers by entering into a partnership with them, investing their deposits and sharing the profit that results.  

She’s pleased to see that all of Al Rayan Bank’s savings accounts are covered by the Financial Services Compensation Scheme, the scheme which protects UK savers’ eligible deposits up to £85,000. She’s also reassured to learn that even though Al Rayan Bank can never guarantee the expected profit rate that it quotes, in its entire history it has never failed to pay the profit it expected to its customers.

Zainab decides that this account is exactly what she’s looking for. It offers her the flexibility that she needs, it provides a competitive return and it does not force her to compromise the principles of her faith. She applies online there and then and her account is opened within 15 minutes.

The account builds quickly. Zainab saves a percentage of her salary and often adds money which she has left at the end of the month. Additionally, the Sharia compliant profit which her funds generate is added to the account every month. This means that when Zainab is ready to book her holiday to Toronto, she simply gives Al Rayan Bank 120 days’ notice that she plans to withdraw some of her deposit as holiday spending money.

Zainab is a fictional character, but her situation is one that is shared by many of Al Rayan Bank’s customers. Al Rayan Bank not only offers a range of features that provide customers with flexibility and value, but their savings accounts are also fully Sharia compliant, meaning that a customer can save their money and make a return without compromising the principles of their faith.