Sharia-compliant savings account
A type of savings account offered by our Cash savings hub.
Sharia-compliant savings accounts are similar to mainstream bank accounts, but the way in which they generate and pay a return is different. Instead of paying interest, they have ‘an expected profit rate’, and there isn’t an overdraft facility.
This is because the principle of paying or charging interest is against Islamic law. To generate profits to make a return, your savings are used to fund Sharia-compliant activities.
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