IBB launches sharia-compliant cash account
London, January 22, 2014
Islamic Bank of Britain (IBB), the UK’s only wholly sharia-compliant retail bank, has launched its IBB Notice Cash Individual Saving Account (ISA).
The account offers consumers an ethical, tax-free way to save, with an expected profit rate of 1.8 per cent, said a statement.
The minimum deposit for the IBB Notice Cash ISA is £250 ($411) and requires savers to give 120 days’ notice in order to make a withdrawal, it said.
Savers can make regular deposits, and profit is calculated and accrued to the account monthly.
The bank is authorised and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) and is a member of the Financial Services Compensation Scheme.
IBB is founded on faith-based, ethical principles that are derived from trade, entrepreneurship and risk-sharing in which the customer and Islamic bank work together as partners towards a mutually profitable end.
These principles also prohibit the bank from investing savers’ deposits in unethical activities such as gambling, pornography, speculation, tobacco, arms and other commodities prohibited under sharia.
It invests in sharia-complaint trading activities and offers an ‘expected profit rate.’ - TradeArabia News Service