AlRayan Bank UK Wakala Treasury Deposit
Islamic Bank Accounts in England
AlRayan's high-value treasury deposit for balances of 250,000 GBP and above, structured as Wakala (agency): the bank invests the funds as the customer's agent and the expected profit rate is negotiated per deposit, paid at maturity, with no withdrawals during the fixed term. Listed on the bank's savings comparison table with 'negotiable' pricing.
This is AlRayan's institutional money desk in retail clothing. The named Wakala contract with its own fatwa certificate is exactly the disclosure the retail shelf lacks, and negotiated pricing means sophisticated depositors can extract more than the published 4.73% one-year rate in the right rate environment. The unavoidable catch is FSCS: at a 250,000 GBP minimum, most of the deposit rides on AlRayan's covenant rather than the guarantee scheme - fine for treasury policy money, worth thinking about for individuals.
Pros
- Contract type explicitly named and certified, unlike the retail savings shelf
- Pricing can beat published retail rates for large deposits
- The UK's oldest Islamic bank as counterparty, rated by Moody's
- SSC scholars named in the FY2025 accounts, with a signed annual compliance report
Cons
- 250,000 GBP minimum is far beyond FSCS cover - 130,000 GBP+ is unprotected bank risk at minimum ticket
- No published rate; requires negotiation
- No early access
Open Account
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Product Details
Account Type
Treasury / high-value fixed deposit
Monthly Fee
0 GBP
Min Deposit
250,000 GBP
Structure
Negotiated expected profit under a Wakala contract, paid on maturity
AlRayan Bank UK in England
AlRayan Bank UK's Treasury / high-value fixed 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
The Wakala contract is one of the most transparent structures in Islamic banking: the customer (muwakkil) appoints the bank (wakil) to invest a defined sum in Sharia compliant assets for an agreed expected profit, with the bank taking any excess as incentive fee - no interest anywhere in the chain. AlRayan publishes a dedicated scanned fatwa certificate for the Wakala Treasury Deposit account, approved by its three-scholar SSC. The scholars certifying it are named in the FY2025 accounts: Sheikh Dr. Waleed Bin Hadi (Chairman), Sheikh Dr. Nizam Yaqoobi (Vice-Chairman) and Mufti Abdul Qadir Barkatullah. Their signed annual report confirms profit allocations conformed to approved bases, with non-compliant earnings donated to charity, and the bank states it has always paid at least the expected profit rate since 2004 - relevant reassurance for a product whose return is an expected rate agreed per placement rather than a contractual guarantee.
Regional Availability
AlRayan Bank UK serves all of the UK
✓ Available nationwide including England
Open Account: AlRayan Bank UK
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NationwideFrequently Asked Questions
What is AlRayan Bank UK Wakala Treasury Deposit?
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Is AlRayan Bank UK Wakala Treasury Deposit available in England?
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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.