Islamic Bank of Britain-Murabaha Treasury Deposit Account

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

Islamic Bank of Britain-Wakala Treasury Deposit Account

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

Islamic Bank of Britain-Young Persons Savings Account

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

Islamic Bank of Britain-Direct Savings Account

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

Islamic Bank of Britain-Current Account

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

Julian Hodge Bank-Fixed Interest Rate Accounts

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

Julian Hodge Bank-Variable interest Rate Accounts

In case of financial emergencies and before you start investing on a longer term basis, you should consider having around £2,000 in an easy access account. It is vital that you should have an easy access account for those unforeseen expenses.

Julian Hodge Bank variable rate accounts offer the choice of a deposit account to suit most requirements. Our variable accounts offer interest credited to your account on an annual basis on 31st March or on the following business day if this falls on a non-working day. Alternatively interest can be paid on a monthly basis. Interest is paid on all balances above £1,000.

We aim to ensure that you receive an attractive rate of interest at all times, and closely monitor the Bank of England Base Rate. Please see the Terms and Conditions leaflet (available on request) for full details.

We keep you fully updated on the amount deposited into your account and the interest accrued by issuing statements on your account on a quarterly basis. The maximum aggregate amount permitted in personal deposits is currently £1,000,000, including those balances held in our fixed rate accounts.

More: www.julianhodgebank.com

National Westminster Bank-Bridging loans

A bridging loan allows you to buy a house when you haven’t yet sold your existing property. Bridging loans can also be used to cover the financial gap between the purchase and sale of other assets.

Bridging loans can help you get the house you’re after and be good for:
buying one property before completion on the sale of another
funding the purchase of a property abroad or bought at auction
temporary funding so you can buy a property in need of repair or renovation, until repairs are completed
funding the urgent purchase of a property until a long-term mortgage is arranged
raising capital for any purpose, pending a sale of the security

Availability of bridging loans
Bridging loans are available to existing NatWest current account customers.

Fees and interest rates
Arrangement fees may be payable – please contact your local branch for details of fees and the latest interest rates.

More:www.natwest.com

National Westminster Bank-Graduate loans

Simplify your finances and enjoy preferential rates if you’re a NatWest Graduate Account holder.

You can use a Graduate loan for almost any purpose, plus you:
have a fixed rate so you know what your repayments are each month
could have up to a 4 or 12 month repayment holiday at the start of the loan 1
can have up to five years to repay a loan up to £9,950 or up to seven years to repay loans of £10,000 to £15,000 2
don’t have to pay any arrangement or administration fees

Graduate loan rate Typical APR Fees
Graduate loan 8.4% No

Typical example

If you take out a £5,000 loan over 60 months, you’ll need to make 59 repayments of £101.60 and one final payment of £101.79. The total amount payable is £6,096.19. 8.4% APR typical.

1 12-month holiday can be applied for if you’re travelling for a year before taking up confirmed full-time employment. If a repayment holiday is agreed, interest will continue to accrue during this period.
2 Maximum five-year repayment period for refinancing loans.

More: www.natwest.com

National Westminster Bank-First home saver

This account is designed to help you save a deposit for your first home. If you have never had a mortgage and save regularly with us, you could qualify for a cashback
Get up to £5,000 cashback* if you complete the following steps:
You, or in the case of a joint account neither of you have held a mortgage Open an account with £100 and set up a monthly Standing Order of at least £50 Keep the account open for at least 6 months, then qualify and take out a NatWest mortgage Claim cashback within 3 months of the mortgage being drawn downPlease read First Home Saver legal information
Your First Home Saver account has the following savings features:
Tiered interest rates – the more you save the more interest you earn Interest is calculated daily and paid annually. Interest rates are variable* £5,000 cashback is based on savings of £50,000 and is based on the lowest savings balance in the 6 months before the mortgage is drawn down

Home Saver rates
——————————————————————————–
Balance AER
(variable) Gross Rate Net Rate
£50,000+ 3.10% 3.10% 2.48%
£25,000 – £49,999 2.90% 2.90% 2.32%
£10,000 – £24,999 2.80% 2.80% 2.24%
£5,000 – £9,999 2.75% 2.75% 2.20%
£500 – £4,999 2.65% 2.65% 2.12%
£1 – £499 1.90% 1.90% 1.52%

——————————————————————————–

AER stands for Annual Equivalent Rate and shows what the interest rate would be if paid and compounded each year.
Gross stands for the interest rate paid before the deduction of tax.

Cashback
——————————————————————————–
Amount Cashback
Over £50,000 £5000
Up to £50,000 £2500
Up to £25,000 £1000
Up to £10,000 £500
£500 to £5,000 £100

——————————————————————————–

Cashback is paid provided the terms and conditions of the First Home Saver are met. The amount of cashback is based on the lowest savings balance in the 6 months before the mortgage is drawn down. It is exempt from tax as it falls within HM Revenue and Customs Statement of Practice SP4/97.

More: www.natwest.com