AlRayan Bank UK 24 Month Fixed Term Deposit
Islamic Bank Accounts in England
Two-year fixed term deposit paying an expected profit rate of 4.43% gross p.a. where profit is reinvested and paid on maturity, with a quarterly payment option. Minimum 10,000 GBP (100,000 GBP for business), no withdrawals during the term, opened via Digital Banking.
AlRayan's two-year money leads its UK Islamic peer group by a clear margin - 4.43% against Gatehouse's 3.90% and HBZ's 4.10%. The inverted shape of the bank's own curve (12 months pays more at 4.73%) tells you the market expects rates to fall, which is exactly the argument for locking longer if you believe it. Same caveats as the rest of the shelf: five-figure entry and a hard lock. One inversion worth knowing before locking: the bank's own 36-month Educate A Child International deposit paid more (4.55%) at the crawl date, so savers flexible on term should compare the two.
Pros
- Strongest published two-year Islamic bank rate in the UK at the crawl date (Gatehouse 3.90%, HBZ eDeposit 4.10%)
- Rate certainty across a period when base rate cuts were compressing savings yields
- FSCS protected
- Track record: the bank states it has always paid at least the expected profit rate since 2004
Cons
- 10,000 GBP minimum
- Locked for two full years with no early exit
- Expected profit not contractually guaranteed
Open Account
Visit AlRayan Bank UK's website to learn more and get started.
See pricing & termsOpens AlRayan Bank UK's site, no obligation
Product Details
Account Type
Fixed term deposit
Monthly Fee
0 GBP
Min Deposit
10,000 GBP (100,000 GBP for business FTDs)
Structure
Expected profit rate; paid quarterly or reinvested and paid at maturity
AlRayan Bank UK in England
AlRayan Bank UK's Fixed term deposit serves customers in England. Islamic savings in the UK pay an expected profit rate from Shariah-compliant investments rather than interest. There is no monthly maintenance fee on this account. Check the provider's FSCS status: deposits at PRA-authorised banks are FSCS protected, while e-money balances are safeguarded but not FSCS deposit protected. AlRayan Bank UK operates across the UK, so England residents have full access to this product.
Shariah Compliance & Oversight
Sheikh Dr. Waleed Bin Hadi (Chairman), Sheikh Dr. Nizam Yaqoobi (Vice-Chairman) and Mufti Abdul Qadir Barkatullah (Member), per the FY2025 Annual Report and Accounts; scanned fatwa certificates per product at alrayanbank.co.uk/sharia-compliance-certificates (crawled 2026-08-06).
2026-08-06
Why It's Halal
Same Sharia footing as the rest of AlRayan's shelf: funds go into Sharia compliant, ethical activities under the supervision of the three-scholar SSC, returns are expected profit rather than interest, and a scanned fatwa certificate for the fixed term deposit is published. The SSC's signed report in the FY2025 accounts confirms allocations followed approved bases. The SSC behind that approval is named in the FY2025 accounts - Sheikh Dr. Waleed Bin Hadi (Chairman), Sheikh Dr. Nizam Yaqoobi (Vice-Chairman) and Mufti Abdul Qadir Barkatullah - and any earnings found non-compliant are donated to charity rather than retained. AlRayan also states it has always paid at least the expected profit rate since its 2004 founding as Islamic Bank of Britain, the first wholly Sharia compliant retail bank licensed in a Western country, which is the practical answer to the 'expected, not guaranteed' concern.
Regional Availability
AlRayan Bank UK serves all of the UK
✓ Available nationwide including England
Open Account: AlRayan Bank UK
Visit AlRayan Bank UK's website to get current terms, check eligibility for England, and get started today.
See pricing & termsOpens AlRayan Bank UK's site, you're not committing to anything
Compare With Other Options in England
27 other bank accounts products available to England residents
Safeguarded e-money account (not a bank deposit) · Nationwide
NationwideFixed term Commodity Murabaha savings executed via Standard Chartered · Nationwide
NationwideSafeguarded e-money account for non-UK residents · Nationwide
NationwideFixed term expected-profit deposit with charity partnership branding · Nationwide
NationwideFixed term expected-profit deposit (fatwa certificate published; contract not named on page) · Nationwide
NationwideInstant access expected-profit savings (fatwa certificate published; contract not named on page) · Nationwide
NationwideFrequently Asked Questions
What is AlRayan Bank UK 24 Month Fixed Term Deposit?
Why is AlRayan Bank UK 24 Month Fixed Term Deposit considered halal?
Is AlRayan Bank UK 24 Month Fixed Term Deposit available in England?
What Shariah oversight does AlRayan Bank UK have?
What financing structure does AlRayan Bank UK 24 Month Fixed Term Deposit use?
How do I apply for AlRayan Bank UK 24 Month Fixed Term Deposit in England?
Which providers offer Islamic home financing in England?
Where are the UK's Islamic banks based?
Halal Finance Score
Interest-free banking is just one piece. How halal is your full financial picture?
Average score: 63/100
Stay Updated
Get notified about new Islamic banking products in the UK
Free. No spam. Unsubscribe anytime.
Explore All Bank Accounts in England
Compare every bank accounts option side-by-side with filters, ratings, and Shariah oversight details.
Reviewed quarterly and updated for major content changes.
Important: HalalWallet provides educational information and comparisons to help you explore halal financial options. We do not provide financial, legal, or religious advice. Product structures and Shariah compliance oversight vary by provider. Always verify halal compliance directly with providers and consult with qualified Islamic finance advisors or scholars for guidance on specific products and your individual circumstances.