Al Rayan Bank, the UK’s leading Islamic bank, has partnered with the award-winning cash savings platform, Raisin UK.
As the latest financial institution to join the direct-to-consumer online savings marketplace, Al Rayan Bank has launched its offering to Raisin UK customers starting with a range of fixed-term deposits, an 18-month Fixed Term Deposit – 4.80%, a 2-year Fixed Term Deposit – 4.85% and a 3-year Fixed Term Deposit – 4.90%, all of which are FSCS protected. More products will be made available by Al Rayan through Raisin UK in the future.
Instead of paying interest to savers, Al Rayan Bank as an Islamic bank, invests customers’ deposits in ethical, Sharia-compliant activities to generate a profit. Profit rates are expected; however, since the Bank was founded in 2004 it has always paid at least the profit rate it has quoted to its customers. Al Rayan Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The Bank is a member of the Financial Services Compensation Scheme (FSCS) which protects eligible depositors’ savings of up to a total of £85,000.
Raisin UK CEO, Steven Amos, commented: “We’re excited to welcome Al Rayan Bank to the Raisin UK marketplace. Their long-standing reputation as one of the leading financial institutions in the UK and competitive offering of cash savings deposits adds real value and additional choice for our customers.”
Maisam Fazal, Chief Commercial Officer at Al Rayan Bank added: “Our new partnership with Raisin allows us to offer our award-winning products to a wider audience and we’re excited to work with an international leader in the savings market. As a specialist bank, we’re proud to offer an extensive range of savings products to our customers and through Raisin we will be able to reach more UK savers looking to make the most of our competitive offering.”