Qualified advisers answering your
Financial Questions
call 0800 092 1245

Islamic accounts

Islamic banking conforms to the principles of Islamic Law (Shariah), which doesn't allow the receiving and paying of interest (Riba). Profit sharing is actively promoted.

Can anyone join an Islamic bank?
Yes, it is available for all individuals regardless of their religion.

What's the difference between conventional and Islamic banking?
Islamic banking prohibits the concept of interest and so instead of lending with interest, they provide financing based on trade.

Do I earn anything at all in the banking process?
Banking profits are shared depending on a predetermined ratio. Hibah (gifts) are given on a discretionary basis.

Can my money be transferred to a conventional bank account?
Yes indeed it can, although of course any 'interest' you'd normally associate with bank accounts wouldn't be added on.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details