Thursday, 10 December 2009

Praise for the Islamic Bank of Britain

Yahoo Money carries an interesting article by By John Fitzsimons which argued that shariah-compliant savings accounts such as those offered by the Islamic Bank of Britain are amongst the best deals around:

"While there are a stack of two-year bonds paying 4.25% AER, from providers as diverse as SAGA, the Post Office and the AA, you simply will not be able to get the same rate as that on offer from the Islamic Bank of Britain.

However, there is one crucial difference with the Islamic Bank of Britain's Fixed Term Deposit Account. The bank monitors how your funds are doing compared to the target profit rate on a daily basis to keep abreast of how likely they are to hit the required rate.

And if at any time they believe that market volatility is likely to hit your return, they will inform you immediately. You then have the choice to close the account, or accept a lower rate of profit. All of the profit achieved up to this point by your funds is protected by the bank, as is the initial sum you deposit."

You can read the full article here

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