4.20% AER/ 4.18 Gross (this savings account offers expected profit rather than interest as it follows Shariah principles).

AER is the Annual Equivalent Rate and represents what the profit rate would be if profit was realised and paid once each year.

Profit is calculated from the start date and is paid on maturity. Profit will be paid gross without prior deduction of tax. It is your responsibility to declare and pay any tax on Profit in the appropriate tax year.

The expected profit rate applicable to your account is fixed during the term once your application is approved and you fund your account unless we inform you that we are not able to achieve the expected profit rate.. Please review the associated Terms and Conditions for more information on how expected profit rate changes work.

Should the Bank amend the rate advertised before you have funded your account with the full deposit, and the rate is higher than your original order, the higher rate will apply to the deposit in your account.

Should the Bank amend the rate advertised before you have fully transferred the funds and the expected rate is lower than the rate you originally ordered, we will automatically cancel your order. We will contact you if this occurs.

If the funds have been transferred and your account has been funded with the full amount you wish to deposit before a rate change occurs, your Wakala Fixed Term Deposit account will open at that original rate.

Please ensure you log in and check your account during the funding process. Raisin will communicate to you any change in the expected profit rate (as set out above in accordance with the Trust Deposit Placement and Administration Agreement.

Expected Profit Rate

In the unlikely event that the advertised expected profit rate will not be met, (after you have opened your Wakala Fixed Term Deposit account), Raisin UK will contact you advising of the new expected profit rate. You will then have the option to accept the new expected profit rate or terminate your deposit immediately upon which Kuwait Finance House plc will return to you the original deposit with the accrued profit up to that date. Please also see refer to the Wakala Fixed Term Deposit Terms and Conditions for further information regarding when KFH may change the expected profit rate.

‘Make Good’ Offer

If your deposit amount returns a loss, Kuwait Finance House plc shall make good the amount of any shortfall that you may have suffered. You shall therefore be entitled to receive payment from Kuwait Finance House plc of the full amount that you had previously deposited. Note that there is no requirement for KFH to pay any form of profit to you under this "'Make Good' Offer".

You are entitled to refuse this offer and can do so by emailing service@raisin.co.uk with the email title ‘Make Good Opt Out’. If you accept this offer, you shall therefore be entitled to receive payment from Kuwait Finance House plc of the full amount that you had previously deposited with Kuwait Finance House plc.

We would like to draw your attention to the guidance offered by the Kuwait Finance House plc Shariah Supervisory Board. The guidance is that if Kuwait Finance House plc needs to make good the amount of any shortfall (set out above), this will not comply with Shariah principles.

The estimated balance after 9 months on a deposit of £1000.00 is £1,031.35.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 an Anti-Money Laundering/Know Your Customer (AML/KYC) checks.

The minimum amount you can deposit is £1000.00 and the maximum amount you can deposit is £85000 (per product and banking institution).

Please ensure you have read and understood all sets of Terms and Conditions before applying for this product.

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 and Conditions.

Because this savings account is a fixed term deposit, withdrawals are not permitted before the maturity date, except if an account holder dies, becomes mentally incapacitated or bankrupt, or in any other exceptional circumstances agreed to by Kuwait Finance House PLC in its absolute discretion. 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. Your savings account will not automatically renew at the end of the fixed term for a further fixed term.

As of the 3rd of June 2024, Kuwait Finance House PLC has converted to become a Shariah compliant entity and only offer Shariah-compliant products on the Raisin UK platform. Any products opened with Kuwait Finance House PLC prior to this date will continue to accrue interest until maturity and will not conform to the Shariah principles outlined in the current product summary box. The information specified in the product summary box presented during the order process, prior to 3rd June 2024 will remain applicable and unchanged until maturity of the relevant Wakala fixed term deposits.

KFH reserves the right to withdraw this product from the Raisin platform by giving Raisin 48hours notice due to changes in market conditions.

Raisin Platforms Limited (RPL) will administer the deposit on your behalf.

Funds will be remitted to Kuwait Finance House PLC by RPL on the business day after they arrive in the RPL account. It can therefore take up to 2 business days for an ordered product to be set up and invested and start earning profit.

All cash in transit and deposits once established, will be held by RPL in trust for you under FCA client money and asset rules.

Islamic banking refers to any financial activity that complies with Shariah principles, reflecting the belief that exploitative gains, such as earning interest on money, are prohibited. Subsequently, Shariah compliant Wakala Fixed Term Deposit accounts use the money from deposits to invest and generate a profit, rather than pay an interest rate. There are no restrictions on who can apply for a Shariah compliant Wakala Fixed Term Deposit account.

If you have any questions relating to your account, please contact Raisin.

This product is protected by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme.

As Kuwait Finance House PLC holds funds obtained via Raisin under a trust model, in the event of any Kuwait Finance House PLC default, funds can take up to three months to be returned, but in most cases will be returned sooner than this.

For further information about the compensation provided by the FSCS, refer to the FSCS website at www.FSCS.org.uk

The information provided is a summary of the key features of the Fixed Term Deposit and is not intended to be a substitute for reading the Terms and Conditions that apply to the account.