Al Rayan Bank: 1 year Fixed Term Deposit

/Gross

Since it was founded in 2004, Al Rayan Bank has always met the expected profit rate it has quoted to customers.

AER is the Annual Equivalent Rate and represents what the expected profit rate would be if profit was realised and paid once each year.

Profit is calculated daily, reinvested annually and is payable on maturity. Profit will be paid gross without prior deduction of tax.

The rate applicable to your savings account is fixed once your application
is approved and you fund your account. The rate will stay the same
throughout the duration of the fixed term. Should the bank amend the rate advertised before you have fully transferred funds and the rate is lower than the rate you originally ordered, you will have 14 days to cancel your application, and your original deposit amount will be returned to your Transaction Account. We will contact you if this occurs.

Please ensure you log in and check your Raisin UK Account during the funding process.

In the very unlikely event that the expected profit rate will not be met after you have purchased the product, Raisin UK will contact you advising of the new expected profit rate. You will then have the option to accept the new profit rate or terminate this agreement immediately upon which Al Rayan Bank will return the original deposit with the accrued profit up to that date.

If your deposit amount returns a loss, Al Rayan Bank shall offer to make good the amount of any shortfall that you may have suffered. Al Rayan Bank is required by current UK banking regulations to make this offer to you. You shall therefore be entitled, should you choose to accept this offer, to receive payment from Al Rayan Bank of the full amount that you had previously deposited.

You are entitled to refuse this offer. You will be able to do so by logging into your Raisin UK customer portal and opting out. We would like to draw your attention to the guidance offered by the Al Rayan Bank Sharia Supervisory Board. The guidance is that if Al Rayan Bank is required to make good the amount of any shortfall (set out above) and you accept this offer, this will not comply with Sharia principles.

The estimated balance after 1 year on a deposit of £5,000 is £5,255.00. This projection is for illustrative purposes only and does not take into account individual circumstances.

To open this savings account, you must apply online through Raisin. Savings accounts at Raisin 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) checks.

The minimum amount you can deposit is £5,000, and the maximum amount you can deposit is £85,000 (per product and banking institution).

You can manage your savings account through Raisin by logging into your Raisin Account. You can contact Raisin by telephone, by email or in writing by using the contact details provided in the Raisin Terms & Conditions.

You can choose to renew your account at any time once it is open (if the option is available). If the renewal rate decreases before your maturity date, we will revoke your order, and contact you to ask you to opt back in to the new rate. If the rate increases, your product renewal request will remain unchanged. Please see our FAQs for more information.

Please ensure you have read and understood all sets of Terms and Conditions before applying for this product.

Because this savings account is a fixed term deposit, withdrawals are not permitted before the maturity date, except if an account holder dies, becomes mentally incapacitated or bankrupt, or in any other exceptional circumstances agreed to by Al Rayan in its absolute discretion. This savings account does NOT operate on the basis that you can end the fixed term of your savings account prematurely and pay a fee to withdraw your funds sooner.

Your savings account will not automatically renew at the end of the fixed term for a further fixed term.

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

Funds will be remitted to Al Rayan Bank by MIM on the business day after they arrive 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.

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.