4.43 % AER/ 4.43 % Gross (this savings account offers expected profit rather than interest as it follows Sharia principles).

Since it was founded in 2004, AlRayan Bank has always met the expected profit rate it has quoted to customers.

AER is the Annual Equivalent Rate and represents what the expected profit rate would be if profit was realised and paid once each year. Profit is calculated daily, reinvested annually and is payable on maturity. Profit will be paid gross without prior deduction of tax.

Yes, but only with your consent, and only in exceptional circumstances.

The expected profit rate is agreed when you open your account. If we believe the expected profit rate will no longer be achieved, we will contact you in writing and ask whether you wish to continue with a revised expected profit rate.

If you do not agree to the revised expected profit rate, you can close your account without penalty. We will return your deposit together with all profit earned up to the date your account is closed.

Since AlRayan Bank was founded in 2004, this situation has never arisen.

The estimated balance after 24 months on a deposit of £1000 is £1,090.56.

This projection is for illustrative purposes only and does not take into account individual circumstances.

To open this savings account, you must apply online through Raisin UK. Savings accounts at Raisin UK are only available through this online application process, and to be eligible to apply, you must:

● Be a UK resident who is aged 18 or over

● Hold a UK bank or building society account from which you will fund your application

● Have a valid mobile phone number and email address

● Have a UK National Insurance Number

Your application acceptance will be subject to the successful completion of Anti-Money Laundering/Know Your Customer (AML/KYC) checks.

The minimum amount you can deposit is £1000, and the maximum amount you can deposit is £120000 (per product and banking institution).

You can manage your savings account through Raisin UK by logging into your Raisin UK Account. You can contact Raisin UK by telephone, by email or in writing by using the contact details provided in the Raisin UK Terms & Conditions.

Please ensure you have read all sets of Terms and Conditions (AlRayan Bank Term Deposit Conditions, Raisin UK Terms & Conditions and Raisin Trust Raisin UK Deposit Terms and Conditions) before applying for this product. If you have any queries relating to any of the Terms and Conditions, please contact Raisin UK through your Raisin UK Account.

Because this savings account is a fixed term deposit, withdrawals are not permitted before the maturity date, except if an account holder dies or becomes bankrupt. This savings account does NOT operate on the basis that you can end the fixed term of your savings account prematurely and pay a fee to withdraw your funds sooner.

AlRayan Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our Registered Office is AlRayan Bank PLC, 4 Stratford Place, London, W1C 1AT. Registered as a Limited Company in England and Wales No. 4483430.

Raisin Platforms Limited (RPL) will administer the deposit on your behalf as Bare Trustee in accordance with the Raisin Trust terms and conditions.

Funds will appear in RPL’s account by the following business day from funding your application at the latest. Funds will be remitted to AlRayan Bank by RPL on the next business day after arriving in the RPL account. It can therefore take up to 2 business days for an ordered product to be set up and start earning profit.

Please see the RPL Raisin UK Deposit Terms and Conditions for further details.

Shari’a banking, also known as Islamic banking, covers any financial activity that complies with Shari’a principles, reflecting the belief that exploitative gains, such as earning interest on money, are prohibited. Subsequently, Shari’a savings accounts use the money from deposits to invest and generate a profit, rather than an interest rate. There are no restrictions on who can apply for a Shari’a savings account.