www.usa-banks-services.comSend money abroad with our new International Money Transfer service.
No Handling fee
Competitive exchange rates
Available to existing customers (IBB Current or Savings account necessary)
Open to Personal, Business, Charity, Masjid & Madrasah customers
Minimum transaction £100
Country rules may apply
Available through branch network only.
Please note that you cannot send Pound Sterling, exchange of currency applies.
For further details visit your local branch.
More: www.islamic-bank.com
To open a Murabaha Treasury Deposit Account you will need to have opened a Current/Savings Account with us.
The Murabaha Treasury Deposit Account is designed for high net worth individuals and corporates who have £100,000 or more that they wish to place on deposit over fixed periods of 1-60 months.
It is a Sharia’a compliant Treasury Deposit account that lets you profit from your savings while remaining true to Islamic teaching.
It operates in strict accordance with the rulings and guidance given by our Sharia’a Supervisory Committee
Sharia’a Principles mean that we cannot offer you interest on these accounts, instead, we ensure that through a commodity transaction arranged by us, you are able to invest your funds with us for an agreed period and for an agreed profit rate.
It is based on the Islamic principle of Murabaha.
Key features and benefits:
Minimum deposit of £100,000 required
Agreed profit rates at outset, paid at maturity
Deposits may be made by cheque at our branches, or by direct account transfer
Your money is invested ethically. We invest only in Sharia’a compliant goods and services.
Profit rates
The profit rates on your Murabaha Treasury Deposit Account would be market competitive and agreed with you at the start of each transaction.
Sharia’a Approval – Certificate of Endorsement
Our Murabaha Treasury Deposit Account has been approved by our Sharia’a Supervisory Committee.
More: www.islamic-bank.com
When it comes to ensuring that your liquid assets are invested in an ethical and interest free manner we’re the experts. If you’re looking for a higher profit rate and more flexibility apply for our Wakala Treasury Deposit account.
To open a Wakala Treasury Deposit account you will need to have opened a Current Account with us
How the Wakala Treasury Deposit Account Works
The account is operated under the Islamic Finance principle of Wakala which is an “agency agreement” where we would act as the agent to achieve an agreed expected rate of profit for an agreed number of days. As an agent we will monitor the investment very closely on a daily basis to make sure that we achieve the expected profit rate agreed with the client. If at any point (for any reason), we are not able to achieve the expected profit rate, we will terminate the agreement and will return the deposit plus the profit accrued on the deposit up until the date of termination. This process minimises the risk to your investment, as a reduction in returns below the agreed profit rate will result in termination of the agreement. However, you will still benefit from the profit accrued up until that point.
Features and Benefits
A minimum deposit of £50,000 is required.
Available in Pounds Sterling, US Dollars, and Euros (the minimum requirements for “foreign currency deposits” should be the equivalent value of £50,000 depending on the currency exchange rate on the date of the deposit)
Competitive Halal profit rates on your savings.
Profits are paid on maturity.
Profit will be paid gross.
Funds must be available in the nominated account at the time of agreeing the rate and term of the deposit. Deposits may be made into the nominated account by cheque or by direct account transfer.
Available to Personal customers, Businesses, Charities, and Masjids.
You will not be able to terminate the agreement, add or withdraw funds before the maturity date.
The money will be invested only in Sharia’a compliant investments.
This account has been approved by our Sharia’a Supervisory Committee.
Sharia’a Approval – Certificate of Endorsement
Our Wakala Treasury Deposit Account has been approved by our Sharia’a Supervisory Committee.
More: www.islamic-bank.com
Giving you a helping hand to watch your child’s savings grow
Prepare your child for a better future with the UK’s first halal Young Persons Savings account
This account is Sharia’a compliant allowing you to profit from your savings and stay true to your faith.
Features and Benefits
The account can be opened with as little as £20. From then on anyone can pay money into the account at a branch, by telephone, by post or by setting up regular payments from their own bank.
The account will be opened in the child’s name with the parent/guardian acting as a trustee to the account. When the child reaches 14 years of age they may have access to withdraw funds from their account, subject to the Young Persons Savings Account Special Conditions
If your child is under 16 years old, as a parent, guardian or relative you can open an account for them to help them look after their money. When your child reaches 16 years of age the account may be switched to our standard Savings account. We will write to your child to advise them of this one month before their 16th birthday.
Tax efficient way to save. Profits are paid gross
Withdrawal limit of up to £100 per day with no withdrawal notice required
Your money is invested ethically. We invest only in Sharia’a compliant goods and services and, for example, do not invest in alcohol or tobacco companies.
Who is a Guardian?
A Guardian must be one of the following:
Parent
Brother/Sister
Grandparent
Legal Guardian
Aunt/Uncle
Profits on your account
We make every effort to ensure that the profit rates paid on all our savings accounts are market-competitive.
Children under 16 years of age may qualify for payment of profitwithout having tax deducted. To receive profit payments gross on the Young Persons savings account you will need to complete and return the Inland Revenue Form R85. For help and advice with this please also see the Inland Revenue Form F85 – Helpsheet.
Sharia’a Approval – Certificate of Endorsement
Our Young Persons Savings Account has been approved by our Sharia’a Supervisory Committee.
Certificate of Approval
More:www.islamic-bank.com
Our Direct Savings account has been designed to provide you with easy online access as well as a higher rate of profit than our Instant Savings Account.
Features and benefits:
Target profit rate of 4.00%
Profit paid monthly
Approved by our Sharia’a Supervisory Committee, you can be sure that your savings earn a halal return
Simple and convenient to operate either online, 24 hours a day, or through the post
Making a deposit
You can make a deposit into your Direct Savings Account:
• By making an online transfer from another account or by money transfer (BACS)
• By sending a cheque by post to our Head Office at the following address:
Islamic Bank of Britain PLC
PO Box 12461
Birmingham
B16 6AQ
Making a withdrawal
You may make withdrawals from your Direct Savings Account in the following ways:
• By making an online transfer from your Direct Savings Account to another account.*
• By writing to us at our Head Office address,giving us instructions to make a payment to a third party account or requesting a withdrawal (in this case we will send you a cheque in your name for the requested amount).
• No cash withdrawals are allowed
You must maintain a minimum balance of £1,000 in accordance with the Terms and Conditions of this account.
Sharia’a Approval – Certificate of Endorsement
Our Direct Savings Account has been approved by our Sharia’a Supervisory Committee.
More: www.islamic-bank.com
Pay no interest, receive no interest!
Our Sharia’a compliant current account takes care of the essentials, offering banking services you would expect from a high street bank without compromising your principles. Our current account pays you no interest and you pay no interest to Islamic Bank of Britain.
We use the Islamic principle of Qard for our current accounts.
A Qard is a loan, free of profit. In essence, it means that your current account is a loan to the bank, which is used by the bank for investment and other purposes. Obviously it has to be paid back to you, in full, on demand.
It allows you the peace of mind of depositing your money in a bank, with the additional reassurance that Islamic Bank of Britain is not investing your money in activities that contravene Sharia’a principles.
Like all our accounts, it has been approved by our Sharia’a Supervisory Committee.
The straightforward bank account
The current account is being offered with a chequebook and multi-functional bank card allowing you to withdraw and spend money at your convenience.
Features and Benefits
Interest-free bank account: receive no interest, pay no interest
Debit card and cheque book with £50 cheque guarantee facility (or cash card – subject to status)
Deposits may be made by cash, cheque or direct account transfer.*
Withdraw funds at our branches through an ATM, or by direct account transfer to another bank account.*
Funds deposited will be administered in accordance with Sharia’a Principles.
Standing order and Direct Debit facilities.
Regular statements are provided (frequency is subject to the account type).
International payments.
Access to our foreign currency and travellers cheque services.
Automatic access to your account via our automated telephone banking service 24/7 or online.
* Please note: From 1st January 2008 there was an amendment to the tariff list.
New Account Opening Criteria
To be eligible to open a Current Account with us please ensure you can answer “yes” to at least one of the following:
Pay your salary into this account.
Set up a standing order from another account to us for a minimum of £50 a month.
Make an initial deposit of £500.
Sharia’a Approval – Certificate of Endorsement
Our Current Account has been approved by our Sharia’a Supervisory Committee
More: www.islamic-bank.com
Tax free savings allowing you to
make the most of your money
The last thing you want is the taxman to take part of your hard-earned interest. An ISA (Individual Savings Account) is the collective term for the tax free savings accounts specially introduced by the Government. Julian Hodge Bank offers a Cash ISA to ensure you are able to receive an attractive rate of interest which over the years will help build your savings totally free of tax.
Our Cash ISAs are not Stakeholder standard products. An explanation of Stakeholder standards is provided in the Terms & Conditions (available upon request), together with further important information about ISAs.
Please note that Variable Rate ISAs are currently not available. Fixed Rate ISAs are available and current rates can be viewed on the interest rate table.
More: www.julianhodgebank.com
A safe place for your savings with guaranteed returns
If you want to know how much interest you are going to earn on your money, a fixed rate account is the perfect solution. This allows you to plan for the future, ensuring that your savings realise their potential and provide a lump sum for that special holiday, new car or other major financial commitment. Alternatively it can provide you with a nest-egg for your future financial security or a monthly income to assist in your day-to-day expenses.
Our Short Term Fixed Rate Accounts and Capital Millennium Bonds offer attractive interest rates for savers who are able to leave their money untouched for a specific period. With our fixed rate accounts, even if other interest rates fall, your savings will continue to earn the same competitive interest rate. The maximum aggregate amount permitted in personal deposits is currently £1,000,000, including those balances held in our variable rate accounts.
More: www.julianhodgebank.com
