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.
- The basics of Sharia finance
- How does interest work with Sharia savings accounts?
- Information about Sharia-compliant banks in the UK
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.
Find out more about what Islamic banking is and which Islamic banks are available to save with in the UK.Read more
More information about what to consider when opening an Islamic savings account and how Islamic-compliant savings accounts work.Read more
Find out how Sharia banking works, why it's available to everyone, and why you may want to consider applying.Read more
Islamic banks will pay you in profit (expected profit rate), rather than from interest. Find out how EPR works.Read more
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