- FSCS protects deposits up to £85,000 per person
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.
(this savings product offers expected profit rather than interest as it follows Shari’a principles)
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 and payable on maturity. Profit will be paid gross without prior deduction of tax.
Should QIB (UK) change the expected profit rate prior to the completion of your order, Raisin UK will communicate this change to you in advance of the chosen date (but not the nature of the change). This will be at least 2 working days, in which time you will be able to either fund your Raisin UK Account, powered by Starling Bank to complete your order, or await the new profit rate.
In the 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 rate or terminate this agreement immediately upon which QIB (UK) will return the original deposit with the accrued profit up to that date.
If your 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.
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. 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)need to make good the amount of any shortfall (set out above), this will not comply with Shari’a principles.
The estimated gross profit earned upon the date of maturity on a deposit of £10,000 is £205.00. This projection is for illustrative purposes only and does not take into account individual circumstances.
To purchase this savings product, you must apply online through Raisin UK. Savings products 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 and hold a UK bank or building society account. Your application acceptance will be subject to the successful completion of an AML/KYC check conducted by Meteor Asset Management Limited (“MAM”), who administers the deposit on your behalf.
The minimum amount you can deposit is £1,000 and the maximum amount you can deposit is £85,000.
You can manage your savings product by communicating through Raisin UK using the secure messaging feature in your customer portal, by telephone, by email or in writing by using the contact details provided in the Terms & Conditions. Raisin UK will only provide instructions relating to your savings product through email and the Raisin UK customer portal secure messaging feature.
Because this savings product is a fixed term deposit, withdrawals are not permitted before the maturity date, except if an account holder dies or becomes bankrupt. This savings product does not operate on the basis that you can end the fixed term of your deposit prematurely and pay a fee to withdraw your funds sooner. Raisin UK will contact you approximately one month before the maturity date of your deposit to advise you of your options.
If Raisin UK do not receive a response from you, your deposit will not automatically renew and will be transferred to Meteor Asset Management and returned to your Raisin UK Account, in line with the revised terms & conditions, at the end of the fixed term until you decide what you would like to do with the proceeds.
Your deposit will not automatically renew at the end of the fixed term for a further fixed term.
Transfers of funds must be received within 56 days (the order window) of your savings product application date. Any funds received after this period will be held in your Raisin UK Account awaiting your instruction. During this period, if the rate you are applying for is due to change, Raisin UK will inform you and you can decide to continue or withdraw your application to await the new rate.
Funds must be transferred to your Raisin UK Account from a UK bank or building society account in your name and by electronic bank transfer only, and to the exact amount pledged when you ordered the product.
Should you underfund the amount you pledged and the order window closes, your order will be cancelled. Should you overfund, the amount remitted over the original pledge will be held pending your instruction in your Raisin UK Account.
Typically your funds will be remitted on to QIB (UK) by MIM so that the deposit will be in place on the second business day after the full amount of the application is received by MIM. Depending on how your funds are transferred it can take up to 2 business days to appear in MIM’s account. Depending on the bank’s processes it can then typically take an additional 2 business days for an ordered product to be set up and start earning profit.
Please note that it is very important that you quote the funding reference that Raisin UK will supply on all payments, so that MIM can identify and allocate your remittance to your account. If the reference is not quoted it will delay or even prevent allocation and MIM may have to instruct its bank to return the payment. Raisin UK will send you a confirmation email when funds are allocated to your account.
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 products 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 product.
To purchase a savings product from QIB (UK), you will be required to provide the following information:
- A valid email address which Raisin UK can use to send you confirmation of your application;
- Your personal details including your name, date of birth and National Insurance number;
- Your address and postcode;
- A UK mobile telephone number; and
- The details of a UK bank or building society account from which you will fund your application.
Your deposits with QIB (UK) 1 Year Fixed Term Deposit – are eligible for protection by the Financial Services Compensation Scheme (FSCS). 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 savings account deposit up to the £85,000 per person, per banking group limit.
Your deposit will be administered by MAM and Meteor Investment Management Limited (“MIM”) who will process your application and cash respectively. Cash and deposits will be held by MIM and MAM in trust for you under FCA client money and asset rules.
In the event that MIM or MAM cannot meet their obligations, you will remain the beneficial owner of any deposits purchased for you, and also cash held on your behalf in MIM’s client account. In both cases these will remain covered under the FSCS protection for the deposit taker or the banks holding client money to £85,000. For more details please see our MAM Terms and Conditions.
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.