Established in 2004, Al Rayan Bank offers Sharia-compliant financial services products to customers of any faith.
To be Sharia compliant Al Rayan's profits can't come from interest, gambling, and other activities that contradict Islamic values. For example, its savings products pay profits rather than interest.
Before being called Al Rayan Bank it was known as The Islamic Bank of Britain. Al Rayan was taken over in 2014 by Masraf Al Rayan, one of the largest Islamic banks in the world, and changed its name to reflect it was part of the Masraf Al Rayan group.
Their UK head office is in Birmingham.
Our product ratings for Al Rayan Bank
Our product ratings are designed to help you choose a quality product. We rate policies on the key features that are most important for the majority of customers.
Bank accounts
4 products reviewed
Basic bank accounts
1 product reviewed
Al Rayan Bank
Current Account
| Feature | Value |
|---|---|
| Cash withdrawal fee in UK (own bank) |
£0.00
|
| Annual fee |
£60.00
|
| Part of FSCS | Yes |
| Unpaid transaction fee |
£0.00
|
| Bankers draft/cheque fee |
£10.00
|
| Maximum cash machine withdrawal per day |
£250.00
|
| Monthly Fee |
£5.00
|
Debit Cards
1 product reviewed
Al Rayan Bank
Current Account
| Feature | Value |
|---|---|
| Card payment fee (£) |
£0.00
|
| Debit card? | Yes |
| Maximum cash machine withdrawal per day |
£250.00
|
| Number of Free Replacement Cards |
0
|
| Account Type |
Basic
|
| Monthly Fee |
£5.00
|
Foreign use bank accounts
1 product reviewed
Al Rayan Bank
Current Account
| Feature | Value |
|---|---|
| Foreign cash withdrawal fee |
0%
|
| Foreign cash withdrawal additional charge |
£1.50
|
| Foreign purchases fee |
0%
|
| Is there a limit on free cash withdrawals? |
No free cash withdrawals
|
| Monthly Fee |
£5.00
|
Premier bank accounts
1 product reviewed
Al Rayan Bank
Premier Account
| Feature | Value |
|---|---|
| Annual reward and cost scenario |
£-260.57
|
| Add-ons, cashback and rewards |
Dedicated relationship manager, premier digital and telephone banking
|
| Annual fee |
£240.00
|
| Part of FSCS or international equivalent | Yes |
| Monthly Fee |
£20.00
|
| No Fee Threshold |
£50,000 or a Home Purchase Plan Premier customer
|
Savings Accounts
1 product reviewed
Easy Access Accounts
1 product reviewed
Al Rayan Bank
Everyday Saver (Issue 3)
| Feature | Value |
|---|---|
| Interest Rate (AER) |
2.75%
|
| Balance Tiers |
2.75% from £10000
|
| Minimum Opening Balance |
£10,000.00
|
| Withdrawal Penalty |
N/A
|
| Part of FSCS | Yes |
| Bonus Rate |
N/A
|