Al Rayan Bank launches 1.90% ISA
Al Rayan Bank, formerly known as Islamic Bank of Britain, has today launched a 12 Month Fixed Term Deposit ISA with an expected profit rate of 1.90%.
A minimum deposit of £1,000 is required to open the 12 Month FTD ISA, and profit is made to savers either quarterly or on maturity. Transfers-in are allowed for up to 30 days after the account has been opened.
Last year Al Rayan Bank launched the first ever Sharia compliant cash ISA, the 120 Day Notice Cash ISA, complemented by the Bank’s Instant Access Cash ISA in February 2015.
Like many of the Bank’s other savings products, these accounts have proved popular with customers beyond the Muslim community; indeed the Bank estimates that 47% of new customers who opened a Notice Cash ISA in 2014 were non-Muslim.
In recent years Al Rayan Bank has maintained a 27 month reign over the UK best buy savings tables. From 1 December 2012 until 1 March 2015, at least one of the Bank’s savings accounts offered the UK’s highest rate of return, according to the Moneyfacts best buy tables.
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