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Islamic Finance
Key takeaways
The basics of Sharia finance
How does interest work with Sharia savings accounts?
Information about Sharia-compliant banks in the UK
The information provided here is for informational and educational purposes only and does not constitute financial advice. Please consult with a licensed financial adviser or professional before making any financial decisions. Your financial situation is unique, and the information provided may not be suitable for your specific circumstances. We are not liable for any financial decisions or actions you take based on this information.
Sharia banking explained
Islamic banking is an increasingly-popular form of banking for those looking to make an ethical decision about how to manage their money, in a way that conforms with Islamic principles. However, Islamic banks are open to everyone, including those who don’t follow the Muslim faith. In the UK, more than 20 banks currently offering Islamic banking services, including, on the Raisin UK marketplace, Al Rayan Bank, QIB UK, and Gatehouse Bank.
Sharia banking, also known as Islamic banking, is a financial system that operates in accordance with the principles and guidelines of Islamic law, or Sharia. Unlike conventional banking, which is based on interest (‘riba’), Sharia banking strictly prohibits paying or receiving interest, and promotes ethical and socially responsible financial practices.
Sharia-compliant banks offer financial products that align with Islamic principles, ensuring that customers can engage in financial transactions while adhering to their religious beliefs. As a rapidly expanding global industry, Sharia banking provides an alternative and inclusive banking system that caters to Muslims and non-Muslims alike.
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All interest rates displayed are Annual Equivalent Rates (AER), unless otherwise explicitly indicated. The AER illustrates what the interest rate would be if interest was paid and compounded once a year. This allows individuals to compare more easily what return they can expect from their savings over time.
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