Home. This ethical approach to generate a return is one of the reasons we call the way we operate, ‘banking you can believe in’. Fill in the contact form Luxury Boats and Yachts Finance. Find out more. Although screen capturing of applications may be useful, they also can allow malicious apps to capture screenshots of your bank details while the app is in use. MORTGAGE LOANS. Following the below recommendations will help to ensure that you have the most safe and secure experience when using our systems. Unlike conventional finance, Islamic banks operate without interest, which is forbidden in Islam. With its luxurious atmosphere and high standard of service, the Masraf Al Rayan Private Banking experience is unsurpassed. If you do not have an existing savings account with Al Rayan Bank, you can apply online through our secure online application. It offers savings, finance and current account services. Profit may be shared between customer and Bank according to an agreed profit sharing ratio. Please contact the nearest Masraf Al Rayan branch for the exact calculation. All of our products operate without the use of Riba (interest) which is forbidden in Islam. Features & benefits Interest-free bank account: receive no interest, pay no interest This will ensure the session you have been using is not left open to be used or compromised in any way, Make sure security controls on your devices are not turned off by default. Don’t worry if you have not yet done this; you can register at any time and all of your banking arrangements will be the same as they were with the old Online Banking system. Islamic banks pay profit to their savers rather than interest. Masraf Al Rayan offers fully Shari'ah compliant short term as well as long term investment accounts. Al Rayan Bank … Additionally, Al Rayan Bank savers are covered by the UK Financial Services Compensation Scheme, which currently protects eligible depositors’ savings up to £85,000. To protect your details, our security mechanism will not allow phone screen capture while the banking app is running, Keep your device and related applications up to date. They are never invested in any activity that is not in keeping with the values of Islam – such as any activity connected to gambling, alcohol, pornography, arms, tobacco or any interest bearing activity – or any speculative activity. The application will detect risky configurations and protect your banking data by either not loading or shutting down, The mobile application has security functionality built into it to prevent malicious code from being injected into the banking app. As the return is “expected profit”, rather than “guaranteed interest”, there is a small element of risk, which is shared between the customer and the Bank. Al Rayan pushes up best two-year savings rate from 2.52pc to 2.78pc The bank pays a high return on two fixed term accounts although the "expected profit" rate carries an element of risk Shawbrook Bank pays a … Customers without a compatible smartphone can register through a handheld hard token. A software token, which is assigned to your mobile device, increases security. Below you can see how it compares on two year accounts. Keep your devices and login information secure. Apply Now . Pay rent not interest when you purchase or refinance a property. Can Al Rayan Bank change the expected profit rate? If, for some reason, the Bank were unable to meet the expected profit rate it had quoted on its fixed term deposit products, the customer would be notified and given the option of ending the agreement, with their original deposit and profit earned to date intact, or they could accept a lower “expected profit rate” moving forward. Savings accounts . If other people have access to these, they can try to gain access in the same way as if you gave someone the keys to your house. Don’t worry if you have not yet done this; you can register at any time and all of your banking arrangements will be the same as they were with the old Online Banking system. Al Rayan Bank is a wholly Sharia compliant bank, as are all of the products and services that we offer. Al Rayan pays 0.75% expected profit rate on its two year fixed Isa. Find out more today. Fixed Rental Rates from ... Al Rayan Bank has pioneered Islamic banking in the UK for over a decade. This includes anti-virus, firewalls and other such features. Our mobile banking application has been developed with the highest security features embedded but we all have a role to play to ensure systems are safe. Bank of London & The Middle East Get in touch. Our mobile banking application has been developed with the highest security features embedded but we all have a role to play to ensure systems are safe. Instead, Islamic banks' activities are based on trade. Online fraudsters can attempt to steal information through malicious code or programs, ensuring that you have an effective anti-virus is running is a simple way to combat this. Find out more . Profits generated by the Bank on the customer’s behalf are shared with the customer in different ways, depending on which type of Islamic finance principle has been used: Investments are monitored on a daily basis by Al Rayan Bank to ensure that they will provide the expected profit rate which was quoted to the customer. Al Rayan Bank has expanded its Home Purchase Plan (HPP) product range to include the bank’s first 5-year fixed rental rate products. I was drawn to IBB (the previous name for Al Rayan Bank) for the market-leading profit rate being offered for the 24 month Fixed Term Deposit Account but it was the Bank’s top-rate customer service that really overwhelmed me. Masraf Al Rayan prides itself on being one of the most customer focused banks in the region. Al Rayan Bank’s majority shareholder MAR is based in Qatar whilst the Bank of London and the Middle East is listed on the Dubai NASDAQ stock exchange. The updated service offers a number of significant new security features to ensure you are provided with a safe and secure experience. Its approach is built on the idea of the bank and the customers sharing both risk and reward… As Al Rayan products are Sharia-compliant, savers are offers an Expected Profit Rate (EPR) rather than an interest rate. Security weaknesses are commonly fixed through updates; additional security features are also often deployed this way, Make sure you’re running a good anti-virus protection and keep it up to date. Al Rayan Bank, formerly Islamic Bank of Britain, is the UK’s only wholly Sharia-compliant retail bank. At least I thought I had opened an account. As part of Al Rayan Bank’s ongoing commitment to make banking quicker, easier and more secure, we have recently launched a major new mobile banking update. The minimum deposit required is £1,000. Contact Us We help your finances flourish by making your money work for you within the laws of Shari’ah; giving you the freedom you need, while enjoying instant access without penalty. Malicious parties can attempt to repackage banking apps to add compromised code; your new mobile banking app will prevent such attempts. You can use ISAs to save cash or invest in stocks and shares, however, Al Rayan Bank only offers a cash ISA. Al Rayan Bank has increased the rates on its two and three-year bonds to 2.32% and 2.42% respectively if you roll over the interest, meaning both products are now market leaders. If you think you’ve fallen victim to a scam, if someone has taken money from your account or if you’ve accidently given your details to a fraudster, please report it immediately to Action Fraud by calling 0300 123 2040 or online. What is an expected profit rate? Read more customer comments Your devices and login information are your way of accessing your bank account information online. However, interest is heading in the right direction in some areas of savings, as challenger banks continue to leapfrog each other with small rate improvements in fixed-rate bonds. This includes anti-virus, firewalls and other such features. If you already hold an account with Al Rayan Bank, you can apply for our saving accounts through your Mobile Banking facility. The minimum deposit required is £1,000. This approach has proved extremely accurate; since Al Rayan Bank was founded in 2004, it has always paid the rate of profit it has quoted to its customers, and on numerous occasions, when investments have performed better than expected, it has even paid more. Log off after you have finished using any banking application. If for any reason Al Rayan Bank believes it will not be able to meet the expected profit rate, we will write to you and you will be able to take back your deposit with all the profit earned to date. If you think you’ve fallen victim to a scam, if someone has taken money from your account or if you’ve accidently given your details to a fraudster, please report it immediately to Action Fraud by calling 0300 123 2040 or online. Fngerprint and facial recognition technology help to ensure the most accurate identification and verification, An in-app secure messaging feature within your new mobile banking app allows you to communicate securely with the Bank, The application will automatically time out after a period of inactivity, Your new mobile banking application reduces reliance on older identification methods such as passwords and SMS texts for an improved, yet secure experience, Your new mobile banking application has been developed to proactively defend itself against the most advanced mobile threats, Your banking app will not install or load on a jailbroken or rooted device, please use an unrooted device or a device running the original manufacturer’s operating system, Some untrusted applications use frameworks to modify the banking application’s behavior; if your mobile device is detected to be running such a framework, it will not start, If an untrusted keyboard is detected on your mobile device, your new mobile banking application will prevent it from running until the untrusted keyboard is uninstalled, To protect your banking data from fraudulent screen captures, your new mobile banking app will detect untrusted screen readers and prevent it from displaying your data while the screen reader is running, Operating system debuggers can enable malicious parties to interfere with the banking software. At present, it is offering an ‘expected rate’ of 2.02% on its 12-month bond. They are the ideal way to save for immediate needs such as a vacation, a wedding or a major purchase. Al Rayan Bank does not quote AER (annual equivalent rate) on its products as this may be misinterpreted by consumers as an interest-based calculation. Profits generated from ethical activities which are lawful under Sharia. Following the below recommendations will help to ensure that you have the most safe and secure experience when using our systems. The new way to manage your accounts online: You now require the Mobile Banking app to manage your accounts online. If you borrow £170,000 over a 25-year term at 1.75% p.a. All of Al Rayan Bank's products and services are endorsed by our Sharia Supervisory Committee, you can view the Certificate of endorsement for this account by following this link. If you do not have an existing savings account with Al Rayan Bank, you can apply online through our secure online application. Rather than quote a level of interest, shariah-compliant banks will quote an ‘expected profit rate’. The new way to manage your accounts online: You now require the Mobile Banking app to manage your accounts online. These accounts can be opened online, in an Al Rayan branch, by phone or using the bank’s App. On other occasions, the customer can be paid their profit, once the Bank deducts its margin of the profit. Register by clicking ‘Register now’ below. To see actual profit rates the Bank has paid since 2008, please click here. Customers without a compatible smartphone can register through a handheld hard token. Please also inform us as soon as possible: Therefore, instead of paying a guaranteed interest rate to their savers, Islamic Banks, such as Al Rayan Bank, invest customers’ deposits in ethical, Sharia compliant trading activities in order to generate a profit. These work in conjunction with our own protective measures to enhance the overall security set, You can email us at webfraud@alrayanbank.co.uk, Give us a call or visit a branch; please visit the contact us page for our up to date contact details, To view the details of the actual profit rates that have previously been paid, To find out more about the profit sharing ratio. Login Login Banking securely Register for new mobile banking app. Log off after you have finished using any banking application. Sharia bank Al Rayan launches a 1.6% easy access account less than a week after Marcus disappointed savers. Deposits are invested in asset backed, relatively secure assets such as property or non-precious metals. The new 5-year fixed range is available to customers with deposits from 5% to 40%. Give us a call +974 4425 3333 Send us a message. When you need money, whatever the reason, Masraf Al Rayan can help you meet your needs. A software token, which is assigned to your mobile device, increases security. Instead money is used in a productive way and wealth is only ever generated through Sharia compliant trade and investment. Expanding your business. masraf al rayan & al khaliji have entered into a merger agreement to create a leading shari'ah-compliant regional bank If you want to save money and get a great return on your investment, ethically and in conjunction with your beliefs, then the Masraf Al Rayan savings account is for you. (fixed) for 62 months reverting to 4.74% p.a. Fngerprint and facial recognition technology help to ensure the most accurate identification and verification, An in-app secure messaging feature within your new mobile banking app allows you to communicate securely with the Bank, The application will automatically time out after a period of inactivity, Your new mobile banking application reduces reliance on older identification methods such as passwords and SMS texts for an improved, yet secure experience, Your new mobile banking application has been developed to proactively defend itself against the most advanced mobile threats, Your banking app will not install or load on a jailbroken or rooted device, please use an unrooted device or a device running the original manufacturer’s operating system, Some untrusted applications use frameworks to modify the banking application’s behavior; if your mobile device is detected to be running such a framework, it will not start, If an untrusted keyboard is detected on your mobile device, your new mobile banking application will prevent it from running until the untrusted keyboard is uninstalled, To protect your banking data from fraudulent screen captures, your new mobile banking app will detect untrusted screen readers and prevent it from displaying your data while the screen reader is running, Operating system debuggers can enable malicious parties to interfere with the banking software. Find out more. But when I go online with my PC there seems to be no facility for logging on, so no access to my account or balance, which is quite a large one, if it still exists. If you’re willing to lock up your savings for longer, the expected profit rate on Al Rayan’s 36-month fixed-term deposit account is 2.3% AER, compared to Secure Trust Bank’s 3 … If you already hold an account with Al Rayan Bank, you can apply for our saving accounts through your Mobile Banking facility. Al Rayan Bank. One of Gatehouse Bank’s two owners is based in Kuwait. Expanding your business. Please contact the nearest Masraf Al Rayan branch for the exact calculation. Your devices and login information are your way of accessing your bank account information online. Keep your devices and login information secure. We are happy to assist you in determining your best options, and will give you the competitive rate and quick result you need, so you do not have to put your life on hold. The bank is Sharia compliant. Register by clicking ‘Register now’ below. I opened a savings account with Al Rayan because it had one of the leading "interest rates" for easy access. Malicious parties can attempt to repackage banking apps to add compromised code; your new mobile banking app will prevent such attempts. Find out more. Although screen capturing of applications may be useful, they also can allow malicious apps to capture screenshots of your bank details while the app is in use. Secondly, Al Rayan (and other Islamic banks) have now reached an agreement with the Bank of England to be able to get acces s to sharia-compliant liquidity. This retail bank has been around since 2004 and has five high street branches, 10 offices, and more than 85,000 customers. Al Rayan is a sharia-compliant bank, so customers are not paid interest but instead are given an expected profit rate (EPR). 100 Day Charities' Notice Savings Account, Your new mobile banking mobile application is designed to work on the latest devices to ensure the most up-to-date security features can be used, The latest encryption features are used between your device and our core banking systems to ensure your information is secure at all times. Security weaknesses are commonly fixed through updates; additional security features are also often deployed this way, Make sure you’re running a good anti-virus protection and keep it up to date. But so far, Al Rayan has always paid out its EPR, so for customers, it works much in the same way as any other bank. Unlike many conventional banks, Al Rayan Bank is completely transparent about where customers’ deposits are invested, and, just as importantly, where they are never invested. What is Islamic finance? The new way to manage your accounts online: You now require the Mobile Banking app to manage your accounts online. The total payable would be £261,424.58, which includes interest of £90,685 and a product fee of £495. Each client is assigned a Private Relationship Manager and treated as a prestigious partner, with the utmost respect and concern. Al Rayan Bank UK Home. Our new mobile banking app is ready to download now . This includes derivative and conventional instruments, such as options, warrants, swaps, futures, auction rate securities, and currency options, as well as structured notes on assets. Following this morning's (22 June) annoncement, Al Rayan tops the one- and two-year accounts. *Installment values may not be accurate. This should in theory reduce the cost of capital to the bank, and therefore lead to a reduced rate being charged to customers. (variable) for the remaining term, you would make 62 monthly payments of £700.04 and 238 monthly payments of £912.95. The application will detect risky configurations and protect your banking data by either not loading or shutting down, The mobile application has security functionality built into it to prevent malicious code from being injected into the banking app. Lorna Daniels. This is because interest is strictly forbidden in Islam, as Muslims believe that it promotes unfairness in financial transactions, which leads to social inequality and injustice. Online fraudsters can attempt to steal information through malicious code or programs, ensuring that you have an effective anti-virus is running is a simple way to combat this. The updated service offers a number of significant new security features to ensure you are provided with a safe and secure experience. 2 Where profit is reinvested and paid on maturity, the annual equivalent expected profit rates will be: 0.65% on the 12 month FTD ISA, 0.75% on the 24 month FTD ISA, 0.65% on the 12 month FTD, 0.75% on the 24 month FTD and 0.80% on the 36 month FTD To view the details of the actual profit rates that have previously been paid click here Al Rayan Bank offers a range of Sharia compliant, Islamic savings accounts, from Instant Access to Fixed Term. Your new mobile banking mobile application is designed to work on the latest devices to ensure the most up-to-date security features can be used, The latest encryption features are used between your device and our core banking systems to ensure your information is secure at all times. The bank has never failed to pay out its EPR. That beats what's offered by the top traditional fixed-rate savings accounts right now (1.88% for one year, 2% for two years and 2.15% for three years). The expected profit rates are 1.46% AER for the three-year option, 1.37% AER for the two-year and 1.27% AER for the one-year version, and profit is paid quarterly. These work in conjunction with our own protective measures to enhance the overall security set, You can email us at webfraud@alrayanbank.co.uk, Give us a call or visit a branch; please visit the contact us page for our up to date contact details. Therefore, to avoid any confusion for our customers, the rate of annual return from Al Rayan Bank savings products is only ever quoted as expected profit rate (EPR). If other people have access to these, they can try to gain access in the same way as if you gave someone the keys to your house. The expected profit rate that applies to your Fixed Term Deposit Account is agreed at the outset. To protect your details, our security mechanism will not allow phone screen capture while the banking app is running, Keep your device and related applications up to date. Last week Marcus cut its rate to 1.45% ending its year-long reign at the top Applicant must be 21 years of age or above; Applicant’s employer must be one of Al Masraf’s approved employers list ; Transfer of salary and assignment of end-of-service benefits to Al Masraf. The bank is Sharia compliant. As part of Al Rayan Bank’s ongoing commitment to make banking quicker, easier and more secure, we have recently launched a major new mobile banking update. Competitive interest rates; Card for ATM cash withdrawal; Current Account with minimum balance requirement waived; Eligibility & Requirements. For instance, Bank of London & the Middle East (BLME) pays 2.1% EPR fixed for one year, 2.35% EPR for two years and 2.45% EPR for three years – all can be opened online with £1,000+. Please also inform us as soon as possible: 1 For existing customers your target profit rate, which you will have been advised of on opening, remains unchanged, 2 Where profit is reinvested and paid on maturity, the annual equivalent expected profit rates will be: 0.65% on the 12 month FTD ISA, 0.75% on the 24 month FTD ISA, 0.65% on the 12 month FTD, 0.75% on the 24 month FTD and 0.80% on the 36 month FTD. This will ensure the session you have been using is not left open to be used or compromised in any way, Make sure security controls on your devices are not turned off by default. Al Rayan pays 0.75% expected profit rate on its two year fixed Isa. I do not have a smartphone therefore cannot do mobile banking. What is Islamic finance? However, Al Rayan Bank has always achieved at least the profit rate quoted. The minimum deposit required is £1,000. The remaining term, you can apply online through our secure online application and that. 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