AlRayan Bank UK Everyday Saver (Issue 3)
Islamic Bank Accounts in Northern Ireland
AlRayan Bank's instant access savings account paying a 2.75% gross p.a. expected profit rate with profit credited monthly. The account is opened and run through the bank's Digital Banking app and desktop portal, takes unlimited deposits and withdrawals with no notice, and requires a 10,000 GBP initial deposit; if the balance falls below 10,000 GBP the rate drops to 0.05% until restored. Account holders must be at least 16.
The Everyday Saver is AlRayan's only instant access product still open, and it shows the bank's post-pivot priorities: the 10,000 GBP floor filters for the affluent digital saver the bank now targets. At 2.75% it is competitive but not table-topping - Gatehouse pays 2.95% from 1 GBP - so the case for choosing it is institutional rather than rate-led: the UK's longest-running wholly Islamic bank, published fatwa certificates, and a savings franchise that has repeatedly won Moneyfacts awards. Mind the cliff-edge: dip below 10,000 GBP and you earn effectively nothing until you top back up.
Pros
- Wholly Islamic balance sheet at the UK's oldest Sharia compliant bank
- Monthly profit and true instant access
- Fatwa certificate published for the account
- FSCS protection at the new 120,000 GBP limit
Cons
- 10,000 GBP minimum shuts out smaller savers (older issues required only 5,000 GBP)
- Rate collapses to 0.05% if the balance dips below the minimum
- 2.75% trails Gatehouse's 2.95% easy access with a 1 GBP minimum
- Underlying contract not named on the product page
Open Account
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Product Details
Account Type
Instant access savings
Monthly Fee
0 GBP
Min Deposit
10,000 GBP
Structure
Expected profit rate, paid monthly
AlRayan Bank UK in Northern Ireland
AlRayan Bank UK's Instant access savings serves customers in Northern Ireland. 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 Northern Ireland 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
AlRayan is a wholly Sharia compliant bank: savings are deployed into ethical, Sharia compliant activities with the intention of generating profit, which is shared with savers as an expected profit rate rather than interest. The account carries a scanned fatwa certificate from the bank's independent Sharia Supervisory Committee (downloadable from the Sharia compliance certificates page), and the SSC's signed annual report confirms profit allocation conformed to approved bases, with any non-compliant earnings donated to charity. Honest caveat: the contract type is not named on the product page and the certificate is an image scan; the 10,000 GBP threshold is steep for an everyday saver. The SSC behind the certificate is named in the FY2025 accounts: Sheikh Dr. Waleed Bin Hadi (Chairman), Sheikh Dr. Nizam Yaqoobi (Vice-Chairman) and Mufti Abdul Qadir Barkatullah.
Regional Availability
AlRayan Bank UK serves all of the UK
✓ Available nationwide including Northern Ireland
Open Account: AlRayan Bank UK
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NationwideFrequently Asked Questions
What is AlRayan Bank UK Everyday Saver (Issue 3)?
Why is AlRayan Bank UK Everyday Saver (Issue 3) considered halal?
Is AlRayan Bank UK Everyday Saver (Issue 3) available in Northern Ireland?
What Shariah oversight does AlRayan Bank UK have?
What financing structure does AlRayan Bank UK Everyday Saver (Issue 3) use?
How do I apply for AlRayan Bank UK Everyday Saver (Issue 3) in Northern Ireland?
What halal home finance reaches Northern Ireland?
Can NI residents use Islamic banks and pensions?
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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.