Al Rayan Bank launches 12 month fixed term ISA

02/04/2015 03:47 AST

Following the success of its notice and instant access individual savings accounts (ISAs), Al Rayan Bank PLC, formerly known as Islamic Bank of Britain (IBB), has today launched a 12 Month Fixed Term Deposit (FTD) ISA, for savers looking to make a tax free, lump-sum investment over a fixed period of time. The expected profit rate for this account is 1.90 per cent.

A minimum deposit of GBP 1,000 is required to open the 12 Month FTD ISA, profit will be paid to savers either quarterly or on maturity and transfers-in are allowed for up to 30 days after the account has been opened. The launch of the FTD Cash ISA emphasises Al Rayan Bank's commitment to providing innovative, Sharia compliant banking products which appeal to all consumers, regardless of faith.


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