QIB (UK): 1.5 years Fixed Term DepositClaim up to £15 for opening your first savings account (terms apply) ›
- 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.
(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 annually and re-invested for deposits that are longer than one year. Profit is payable on maturity and will be paid gross of UK income tax. This means that there will be no income tax deductions from the profit payments you receive on your QIB (UK) deposit.
Should QIB (UK) change the expected profit rate, one of the following will occur:
1. Should the bank amend the rate advertised before you have fully funded your Raisin UK Account, and the rate is higher than your original order, you will receive the new higher rate upon funding.
2. Should the bank amend the rate advertised before you have fully funded your Raisin UK Account and the rate is lower than the rate you originally ordered, you will have 5 business days from the date of the rate change to fund your Raisin UK Account to receive the original rate after which time we will cancel your order. You will be contacted if this occurs.
3. If your Raisin UK Account has been funded with the full amount you wish to deposit before a rate change occurs, you will open your savings account at that original rate.
Please ensure you log in and check your Raisin UK Account during the funding process.
Separately, in the unlikely event that the advertised expected profit rate will not be met, (after you have opened your savings account), Raisin UK will contact you advising of the new expected profit rate. You will then have the option to accept the new expected profit rate or terminate this agreement immediately upon which QIB (UK) will return to you the original deposit with the accrued profit up to that date.
‘Make Good’ Offer’
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, and can do so by emailing firstname.lastname@example.org 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.
The estimated balance after 18 months on a deposit of £1,000 is £1,011.27.
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 UK. 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 an Anti-Money Laundering/Know Your Customer (AML/KYC) checks.
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 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.
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 QIB (UK) 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 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 second business day after arriving in the MIM account. It can therefore take up to 3 business days for an ordered product to be set up and start earning profit.
Cash and deposits will be held by MIM and MAM in trust for you under FCA client money and asset rules.
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.