Islamic Bank of Britain (BB) has stepped up its efforts to attract consumers by launching a table-topping 4pc expected profit rate for its two-year fixed account. The account is open to "customers of all faiths" the bank said.
As an Islamic Bank, IBB does not pay interest to its savers. Instead, the rate is offered as an 'expected profit rate', because the Bank invests the funds into Sharia compliant and ethical trading activities.
These activities deliver a profit over the agreed, fixed term, which in this case is 24 months.
IBB monitors the target profit rate on a daily basis to ensure it is achievable and will provide the return offered to the customer. IBB said that is has never failed to deliver the expected rate.
The launch of the account rate coincides with the start of the Muslim holy month of Ramadan and is available for 30 days from July 21 until August 19.
The bank is authorised by the Financial Services Authority and covered by the UK Financial Services Compensation Scheme.
source: The Telegraph