As the return is “expected profit”, rather than “guaranteed interest”, there is a small element of risk, which is shared between the customer and the Bank. Your devices and login information are your way of accessing your bank account information online. Al Rayan pays 0.75% expected profit rate on its two year fixed Isa. Malicious parties can attempt to repackage banking apps to add compromised code; your new mobile banking app will prevent such attempts. Home. This includes derivative and conventional instruments, such as options, warrants, swaps, futures, auction rate securities, and currency options, as well as structured notes on assets. Last week Marcus cut its rate to 1.45% ending its year-long reign at the top Al Rayan Bank UK Home. If, for some reason, the Bank were unable to meet the expected profit rate it had quoted on its fixed term deposit products, the customer would be notified and given the option of ending the agreement, with their original deposit and profit earned to date intact, or they could accept a lower “expected profit rate” moving forward. What is Islamic finance? The expected profit rate that applies to your Fixed Term Deposit Account is agreed at the outset. These work in conjunction with our own protective measures to enhance the overall security set, You can email us at webfraud@alrayanbank.co.uk, Give us a call or visit a branch; please visit the contact us page for our up to date contact details, To view the details of the actual profit rates that have previously been paid, To find out more about the profit sharing ratio. The new way to manage your accounts online: You now require the Mobile Banking app to manage your accounts online. MORTGAGE LOANS. Lorna Daniels. Secondly, Al Rayan (and other Islamic banks) have now reached an agreement with the Bank of England to be able to get acces s to sharia-compliant liquidity. Online fraudsters can attempt to steal information through malicious code or programs, ensuring that you have an effective anti-virus is running is a simple way to combat this. Give us a call +974 4425 3333 Send us a message. These accounts can be opened online, in an Al Rayan branch, by phone or using the bank’s App. They are the ideal way to save for immediate needs such as a vacation, a wedding or a major purchase. They are never invested in any activity that is not in keeping with the values of Islam – such as any activity connected to gambling, alcohol, pornography, arms, tobacco or any interest bearing activity – or any speculative activity. Your new mobile banking mobile application is designed to work on the latest devices to ensure the most up-to-date security features can be used, The latest encryption features are used between your device and our core banking systems to ensure your information is secure at all times. That beats what's offered by the top traditional fixed-rate savings accounts right now (1.88% for one year, 2% for two years and 2.15% for three years). I was drawn to IBB (the previous name for Al Rayan Bank) for the market-leading profit rate being offered for the 24 month Fixed Term Deposit Account but it was the Bank’s top-rate customer service that really overwhelmed me. Find out more. Savings accounts . If you think you’ve fallen victim to a scam, if someone has taken money from your account or if you’ve accidently given your details to a fraudster, please report it immediately to Action Fraud by calling 0300 123 2040 or online. If you borrow £170,000 over a 25-year term at 1.75% p.a. Al Rayan Bank’s majority shareholder MAR is based in Qatar whilst the Bank of London and the Middle East is listed on the Dubai NASDAQ stock exchange. Al Rayan Bank is a wholly Sharia compliant bank, as are all of the products and services that we offer. This should in theory reduce the cost of capital to the bank, and therefore lead to a reduced rate being charged to customers. Log off after you have finished using any banking application. As part of Al Rayan Bank’s ongoing commitment to make banking quicker, easier and more secure, we have recently launched a major new mobile banking update. Profit may be shared between customer and Bank according to an agreed profit sharing ratio. When you need money, whatever the reason, Masraf Al Rayan can help you meet your needs. What is an expected profit rate? The minimum deposit required is £1,000. If you already hold an account with Al Rayan Bank, you can apply for our saving accounts through your Mobile Banking facility. Our new mobile banking app is ready to download now . The bank is Sharia compliant. Instead money is used in a productive way and wealth is only ever generated through Sharia compliant trade and investment. Unlike many conventional banks, Al Rayan Bank is completely transparent about where customers’ deposits are invested, and, just as importantly, where they are never invested. Following the below recommendations will help to ensure that you have the most safe and secure experience when using our systems. Don’t worry if you have not yet done this; you can register at any time and all of your banking arrangements will be the same as they were with the old Online Banking system. 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. The updated service offers a number of significant new security features to ensure you are provided with a safe and secure experience. However, Al Rayan Bank has always achieved at least the profit rate quoted. Deposits are invested in asset backed, relatively secure assets such as property or non-precious metals. Masraf Al Rayan offers fully Shari'ah compliant short term as well as long term investment accounts. Additionally, Al Rayan Bank savers are covered by the UK Financial Services Compensation Scheme, which currently protects eligible depositors’ savings up to £85,000. Pay rent not interest when you purchase or refinance a property. Following the below recommendations will help to ensure that you have the most safe and secure experience when using our systems. The minimum deposit required is £1,000. As part of Al Rayan Bank’s ongoing commitment to make banking quicker, easier and more secure, we have recently launched a major new mobile banking update. Malicious parties can attempt to repackage banking apps to add compromised code; your new mobile banking app will prevent such attempts. A software token, which is assigned to your mobile device, increases security. Profits generated by the Bank on the customer’s behalf are shared with the customer in different ways, depending on which type of Islamic finance principle has been used: 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. Online fraudsters can attempt to steal information through malicious code or programs, ensuring that you have an effective anti-virus is running is a simple way to combat this. *Installment values may not be accurate. Masraf Al Rayan prides itself on being one of the most customer focused banks in the region. masraf al rayan & al khaliji have entered into a merger agreement to create a leading shari'ah-compliant regional bank (fixed) for 62 months reverting to 4.74% p.a. Al Rayan is a sharia-compliant bank, so customers are not paid interest but instead are given an expected profit rate (EPR). At least I thought I had opened an account. If you want to save money and get a great return on your investment, ethically and in conjunction with your beliefs, then the Masraf Al Rayan savings account is for you. Login Login Banking securely Register for new mobile banking app. Al Rayan Bank … What is Islamic finance? If you do not have an existing savings account with Al Rayan Bank, you can apply online through our secure online application. If you’re willing to lock up your savings for longer, the expected profit rate on Al Rayan’s 36-month fixed-term deposit account is 2.3% AER, compared to Secure Trust Bank’s 3 … Find out more. Rather than quote a level of interest, shariah-compliant banks will quote an ‘expected profit rate’. Although screen capturing of applications may be useful, they also can allow malicious apps to capture screenshots of your bank details while the app is in use. The application will detect risky configurations and protect your banking data by either not loading or shutting down, The mobile application has security functionality built into it to prevent malicious code from being injected into the banking app. Fngerprint and facial recognition technology help to ensure the most accurate identification and verification, An in-app secure messaging feature within your new mobile banking app allows you to communicate securely with the Bank, The application will automatically time out after a period of inactivity, Your new mobile banking application reduces reliance on older identification methods such as passwords and SMS texts for an improved, yet secure experience, Your new mobile banking application has been developed to proactively defend itself against the most advanced mobile threats, Your banking app will not install or load on a jailbroken or rooted device, please use an unrooted device or a device running the original manufacturer’s operating system, Some untrusted applications use frameworks to modify the banking application’s behavior; if your mobile device is detected to be running such a framework, it will not start, If an untrusted keyboard is detected on your mobile device, your new mobile banking application will prevent it from running until the untrusted keyboard is uninstalled, To protect your banking data from fraudulent screen captures, your new mobile banking app will detect untrusted screen readers and prevent it from displaying your data while the screen reader is running, Operating system debuggers can enable malicious parties to interfere with the banking software. 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