Yes. Your eligible deposits with Al Rayan Bank are protected by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme, up to a total of £85,000. Most deposits are covered by the scheme.

Any deposits you hold above the FSCS compensation limit are unlikely to be covered, unless under specific circumstances, as determined by the FSCS.

Find out more about FSCS

Islamic banks pay profit to their savers rather than interest. This is because interest is strictly forbidden in Islam, as Muslims believe that it promotes unfairness in financial transactions, which leads to social inequality and injustice.

Therefore, instead of paying a guaranteed interest rate to their savers, Islamic Banks, such as Al Rayan Bank, invest customers’ deposits in ethical, Sharia compliant trading activities in order to generate a profit.

Investments are monitored on a daily basis by Al Rayan Bank to ensure that they will provide the expected profit rate which was quoted to the customer. This approach has proved extremely accurate; since Al Rayan Bank was founded in 2004, it has always paid the rate of profit it has quoted to its customers, and on numerous occasions, when investments have performed better than expected, it has even paid more.

Find out more about expected profit

Al Rayan Bank is a UK bank.  

The Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our firm reference number is 229148.

Al Rayan Bank is incorporated and registered in England and Wales with Registration No. 4483430. 4 Stratford Place, London, England, W1C 1AT.

The parent company, and majority shareholder, of Al Rayan Bank is Al Rayan (UK) Limited, the UK subsidiary of Masraf Al Rayan (MAR) Q.S.C.

Find out more about the Bank