Al Rayan Bank

Al Rayan Bank

  • FSCS protects deposits up to £85,000 per person

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About Al Rayan Bank

Founded in 2004, Al Rayan Bank is an inclusive Islamic bank which welcomes customers of all faiths and beliefs. As the oldest and largest Islamic bank in the UK, Al Rayan Bank serves over 85,000 customers throughout the UK with Sharia-compliant and FSCS protected banking products.

Because Al Rayan Bank is an ethical, Sharia-compliant bank, they adhere to Sharia banking principles, which you can read about on our Sharia banking page.

Al Rayan Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Bank details

Year established: 2002

Security and deposit guarantee

Deposits are eligible for protection by the Financial Services Compensation Scheme (FSCS) http://www.fscs.org.uk/. The FSCS is the United Kingdom’s statutory deposit guarantee scheme that covers deposits in individual savings accounts up to £85,000, per banking group regulated by the Financial Conduct Authority or the Prudential Regulation Authority. It is available for deposits with most UK high-street and online banks and means if the bank fails, and deposits become unavailable, the scheme may cover your deposit account deposit up to the £85,000 per person, per banking group limit.

Compensation limits are per person per firm, not per deposit. Be aware that if you have other deposits with this bank (or banking group) then the £85,000 protection applies only to eligible deposits up to this limit.

Timescales for the return of your money can vary between different banks and banking groups. This bank holds funds under a trust model. Funds held under a trust model can take up to three months to be returned, but in most cases will be returned sooner than this.

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