QIB

United KingdomUnited Kingdom(AA)

Deposit amount: Min. £1,000 – Max. £85,000

Protection limit: Up to £85,000 payout in GBP

Sharia account

logo of QIB

Account information

Rate
Duration
Deposit Guarantee
Product Type

Rate

4.85% AER

Duration

95 days

Deposit Guarantee

£85,000

Deposit Guarantee logo

Product Type

Notice
Notice
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Account Name

QIB : 95 Day Notice Account

What is the expected profit rate?

4.85% AER / 4.85% Gross

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 daily, re-invested monthly and paid gross without prior

deduction of tax. This means that there will be no income tax deductions

from the profit payments you receive on your QIB (UK) deposit.

Any profit made will be paid on termination of the savings product

Can QIB (UK) change the profit rate?

The profit rate applicable to your deposit is variable.

Should the bank set a date to lower the profit rate, you will be given a

minimum of 95 days’ notice. You may receive less notice if the rate

increases.

Please review the Meteor Asset Management (MAM) Terms and

Conditions for more information.

Please review the Meteor Asset Management Raisin Deposit Terms and

Conditions for more information.

Make Good’ Offer’

If your original deposit amount returns a loss, QIB (UK) shall make good

the amount of any shortfall that you may have suffered. You shall

therefore be entitled to receive payment from QIB (UK) of the full amount

that you had previously deposited. Note that there is no requirement for

QIB (UK) 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

QIB (UK) of the full amount that you had previously deposited with QIB

(UK).

We would like to draw your attention to the guidance offered by the QIB

(UK) Shari’a Supervisory Board. The guidance is that if QIB (UK) needs to make good the amount of any shortfall (set out above), this will not comply with Shari’a principles.

What would the estimated balance be after 12 months based on a £1,000 deposit?

The estimated balance after 12 months on a deposit of £1,000 is

£1,048.55. This projection is for illustrative purposes only and does not

take into account individual circumstances.

How do I open and manage my account?

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) check.

The minimum amount you can deposit is £1000.00, and the maximum amount you can deposit is £85000 (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 and understood all sets of Terms and Conditions before applying for this product.

Can I withdraw money?

You may withdraw the full deposit amount only. This will be subject to a 95 day notice period. You are unable to add to the initial deposit or make partial withdrawals. Funds may be returned to your Raisin UK Account in two separate payments by MAM following the notice period expiry. For further information, please refer to clause 4.21 of the MAM Terms and Conditions.

Your notice of termination will start on the business day after your request to give notice.

Once notice has been given it can’t be revoked.

If a termination falls on a non-business day, then payment will be made on the next business day and interest will be paid for the additional days. e.g. If a notice account terminates on a Saturday and funds are returned on the Monday, interest will be paid for the intervening Sunday.

Additional Information

MAM, with their administration arm Meteor Investment Management (MIM), will administer the deposit on your behalf.

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

Cash and deposits will be held by MIM and MAM in trust for you under FCA client money and asset rules.

You have the right to cancel your account without charge and without giving any reason, within 14 calendar days from the day of opening this savings account.  For further information, please refer to clauses 1.18 and 1.19 of the MAM Terms and Conditions.

Bank Details

Headquartered in London, QIB (UK) Plc provides private banking services and structured real estate financing in the UK, as well as a range of personal savings products, and has been fully authorised by the Prudential Regulation Authority and regulated by the FCA and PRA. The Financial Services Compensation Scheme (FSCS), the UK’s statutory deposit guarantee scheme, protects all eligible deposits offered by QIB (UK) Plc through the savings marketplace.

Security & Deposit Protection

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.

Who is Raisin?

We are the UK savings marketplace for Raisin, one of Europe’s most successful technology-led financial services companies. We connect you with a range of banks and building societies offering deposit-protected savings accounts with competitive interest rates, making it easier for you to grow your money. Using our savings marketplace is simple. By registering for a Raisin UK Account, you'll only ever need to fill in one application form. Then you can browse, apply for and fund a range of savings accounts, and manage everything under one roof. No paperwork or endless passwords to remember - just a free, easy way to grow your savings.