QIB (UK): 60 Day Notice Account

60 day | GBP
  • FSCS protects deposits up to £85,000 per person

About QIB (UK)

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 Raisin UK savings marketplace.

In 2019 QIB UK won The Banker’s UK country award for best Islamic Bank. QIB UK won this award in part for its provision of attractive products and services including its leading deposit products available through Raisin UK. As a result of this offering, QIB UK is seeing increased interest from non-Islamic customers who are looking to benefit from the bank’s competitive rates, as well as its high ethical standards and customer service.

Established in 1926, The Banker is read by senior decision makers at the world’s foremost financial institutions. Each year, The Banker produces a definitive ranking of the industry’s best Islamic financial institutions in order to promote and reward excellence in the global Islamic banking community.

Product details

Account name
60 Day Notice Account
What is the interest rate?
4.80 % AER

4.70% 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 interest 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 31 days’ notice. You may receive less notice if the rate increases.

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.

How much interest might a £1,000 deposit have earned after 12 months?

The estimated balance after 12 months on a deposit of £1,000 is £1,048.03. 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 £1,000, and the maximum amount you can deposit is £85,000 (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 all sets of Terms and Conditions before applying for this product (QIB (UK) Notice Account Deposit Conditions, Raisin UK Terms & Conditions and Meteor Asset Management Raising Deposit Terms and Conditions). If you have any queries relating to the Terms and Conditions, please contact Raisin through your Raisin UK Account.

Can I withdraw money?

You may withdraw the full deposit amount only. This will be subject to a 60 day notice period. You are unable to add to the initial deposit or make partial withdrawals.

Your notice of termination will start on the business day after you give notice via your account with Raisin (Please see the Raisin UK Terms & Conditions for further details of how to submit a termination notice). Once notice of termination 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 profit will be paid for the additional days. e.g. If a notice account terminates on a Saturday and funds are returned on the Monday, profit will be paid for the intervening Sunday.

Additional information

Meteor Asset Management (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 (UK) 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 profit.

All cash in transit and deposits once established, will be held by MIM and MAM in trust for you under FCA client money and asset rules. Please see the Meteor Asset Management Raisin Deposit Terms and Conditions for further details.

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 Meteor Asset Management Raisin Deposit Terms and Conditions.

Shari’a banking, also known as Islamic banking, covers any financial activity that complies with Shari’a principles, reflecting the belief that exploitative gains, such as earning interest on money, are prohibited. Subsequently, Shari’a savings accounts use the money from deposits to invest and generate a profit, rather than an interest rate. There are no restrictions on who can apply for a Shari’a savings account.

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.’ and vice versa.