What is a Sharia-compliant savings account?
Answer
A Sharia-compliant savings account operates according to Islamic principles. This means:
- Money saved in a Sharia-compliant account will not pay you interest – instead, profit is shared by the bank with savers
- Money can’t be used to fund restricted practices (e.g. gambling, pornography, tobacco or alcohol)
- Money can’t be used to engage in high-risk, speculative investments
Anyone who is over 18 and a UK resident for tax purposes can open a Sharia-compliant savings account.