Habib Bank Zurich UK - Sirat Islamic Banking Sirat Savings Account

Why It's Halal

Based on the Islamic Shariah concept of Wakala: the bank invests as the customer's agent in Shariah compliant assets under AAOIFI standards with IFAAS assurance, paying profit instead of interest. In the Wakala structure the bank acts as the customer's investment agent (wakil), deploying funds into Shariah compliant assets and paying the resulting profit rather than interest - the same named contract used across the Sirat deposit shelf. Governance runs on AAOIFI Shariah standards under the bank's Shariah Advisor, with IFAAS providing external review and audit and compliance certificates published for the window; the bank neither pays nor receives interest on Sirat accounts. Honest caveats: no individual scholars are named on the UK site, and rates on this account are not published - the bank describes them as competitive but savers must ask - so both the governance and the pricing require more trust than the published-rate, named-board competition demands.