QIB (UK) Notice Accounts (31, 93 and 120 Day)
Islamic Bank Accounts in Wales
QIB (UK)'s noticed savings family for personal and corporate clients: 31 Day Notice at 3.75%, 93 Day Notice at 3.75% and 120 Day Notice at 3.10% gross expected profit (GBP rate matrix as at 26 March 2026; the private banking page also lists 93 and 120 day variants in USD and EUR). Withdrawals require the respective calendar notice; profit is paid monthly, quarterly or annually to a designated account.
The inverted rate card is the tell that this shelf is managed for the bank's funding needs rather than saver logic: 31 days pays 3.75% while 120 days pays 3.10%, so the only rational choice is the shortest notice. That quirk aside, 3.75% at 31 days is genuinely the best short-notice halal rate published in Britain - if you can get through the private bank's door. Getting the rate does require the relationship: the current account is the gateway product, and onboarding criteria are not published, so treat the 3.75% as available-if-accepted rather than open-to-all.
Pros
- 3.75% at just 31 days' notice beats Gatehouse's 95-day (3.40%) and 120-day (3.50%) products
- Anomalously, the 31-day pays the same as the 93-day - no reason to choose the longer notice
- Corporate treasurers served alongside individuals
- FSCS protection on eligible deposits at a PRA-authorised bank (FRN 466577)
Cons
- The 120-day paying less (3.10%) than the 31-day is a rate-sheet oddity that punishes inattention
- Requires the private banking current account
- BLME's 90-day at 4.37% still wins outright for 10,000 GBP+ balances
- Minimums unpublished
Open Account
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Product Details
Account Type
Notice savings (31/93/120 days)
Monthly Fee
0 GBP
Structure
Expected profit paid monthly, quarterly or annually
QIB (UK) in Wales
QIB (UK)'s Notice savings (31/93/120 days) serves customers in Wales. 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. QIB (UK) operates across the UK, so Wales residents have full access to this product.
Our Take on QIB (UK)
QIB (UK) is a Gulf private bank transplanted to Mayfair: discreet, relationship-driven, wholly Islamic since 2008, with the institutional weight of Qatar's largest Islamic bank behind it. Its deposit shelf is published and quietly interesting - 3.75% at just 31 days' notice was the best short-notice halal rate in Britain at our crawl date, and the Raisin UK listing lets ordinary savers hold a slice without the private banking relationship. But the rate card has oddities (longer notice and longer terms pay less than shorter ones), the whole curve trails the retail specialists, and the property finance business publishes nothing at all. This is a bank you join for the relationship, the Qatari network and multi-currency capability - not for yield or transparency.
How QIB (UK) Works
Establish the relationship
Open a QIB (UK) current account through the Mayfair private banking team; the account is the gateway to all deposit products and comes with a relationship manager.
Place deposits across three currencies
Allocate between instant access (1.75%), notice accounts (3.10-3.75%) and Wakala fixed terms (3.10-3.65% GBP) in GBP, USD or EUR, with profit paid monthly, quarterly or annually.
Or come via Raisin
Retail savers can hold QIB (UK) fixed terms through the Raisin UK savings platform without private banking onboarding, keeping FSCS protection.
Negotiate property finance
London residential Murabaha (owner-occupied or BTL) and UK-wide structured real estate facilities are priced per client - engage the desk and tender competitors in parallel.
Financing Structure
QIB (UK) has operated a wholly Shari'a compliant balance sheet since 2008 under its three-scholar Supervisory Board. Deposits use expected profit mechanics, with fixed terms explicitly structured as Wakala: the bank invests as the customer's agent in Shari'a compliant assets and pays the expected profit at maturity, operating the account in strict accordance with SSB rulings per the bank's terms. Property finance is written as Murabaha (cost-plus sale): the bank acquires the property interest and sells it on at a pre-agreed profit, payable over the facility term with profit-only or amortising profiles - no interest at any point.
In-Depth Analysis
QIB (UK) plc is the London subsidiary of Qatar Islamic Bank, operating as a wholly Shari'a compliant private bank from Grosvenor Street in Mayfair since 2008. It is PRA-authorised (FRN 466577) with FSCS protection on eligible deposits, and its business model is classic Gulf-to-London private banking: current accounts and multi-currency deposits for high-net-worth individuals, Murabaha property finance for London residential purchases, and a Structured Real Estate desk financing investment and development projects across the UK.
The deposit shelf is the published half of the bank. The rate matrix (as at 26 March 2026, crawled 2026-08-06) covers instant access at 1.75% (GBP and USD), notice accounts at 3.75% (31-day), 3.75% (93-day) and 3.10% (120-day), and Wakala fixed terms from 3.50% (3 months) to 3.65% (6 and 9 months), 3.60% (12 months) and 3.10% (18 months), with USD terms from 3.15% to 3.35% and terms to three years by arrangement. Two anomalies stand out: the 31-day notice pays the same as the 93-day and more than the 120-day, and the 18-month term pays less than the 3-month - a rate card managed for the bank's funding needs rather than saver logic. The rational plays are the 31-day notice for yield-with-access, and nothing else. All deposit products require a QIB (UK) current account, which comes with a debit card that doubles as out-of-hours entry to the Mayfair building's ATM lobby - a detail that says everything about the target client. The exception is Raisin UK, which distributes QIB fixed terms to ordinary retail savers.
Shari'a governance is real but minimally published. The Shari'a Supervisory Board - Sheikh Walid Ben Hadi (Chairman), Sheikh Nizam Mohammed Yaquby and Sheikh Mohamed Ahmaine - reports annually within the published accounts (FY2021 report verified during our crawl), and the bank has been wholly Islamic from inception, so there is no conventional book anywhere. What is missing is the disclosure layer the best UK peers now provide: no dedicated Shari'a page, no downloadable product fatwas, no structure explainers. The scholars themselves are heavyweight (Yaquby also chairs Gatehouse's board), so the gap is presentational rather than substantive - but for a customer comparing published evidence, Gatehouse and Nomo simply show more.
Property finance is entirely negotiated. The private banking page describes Murabaha facilities for purchase or refinance of London residential property - regulated owner-occupied and buy-to-let - with fixed or variable profit and profit-only or partially amortising payments, terms described as 'very competitive'. The Structured Real Estate desk finances residential and commercial investment and development UK-wide. No rates, FTV caps or fees appear anywhere, so prospective clients should tender QIB against AlRayan Premier and BLME's wealth desk, using Nomo's published 5.46-5.89% grid as a pricing floor for facilities under 5m GBP.
Shariah Compliance Details
- Shari'a Supervisory Board: Sheikh Walid Ben Hadi (Chairman), Sheikh Nizam Mohammed Yaquby, Sheikh Mohamed Ahmaine, per QIB (UK)'s published annual report (verified 2026-08-06)
- Wholly Shari'a compliant bank since 2008; subsidiary of Qatar Islamic Bank
- SSB reports annually within the published accounts; no product-level fatwa downloads on the website
- Fixed term deposits named as Wakala structures; property finance named as Murabaha
- PRA-authorised (FRN 466577), FCA and PRA regulated; FSCS protection on eligible deposits
How QIB (UK) Compares
As a private bank QIB (UK) competes with BLME's wealth desk and AlRayan Premier for Gulf-connected HNW clients: BLME brings property sourcing and higher deposit yields, AlRayan brings scale and no early settlement fees, QIB brings the Qatar Islamic Bank network and multi-currency notice flexibility. As a savings counterparty for ordinary UK savers (via Raisin), it is a diversification hold rather than a rate play - AlRayan, HBZ and BLME all out-pay it at like-for-like terms.
Higher deposit rates (4.37% notice vs 3.75%), property sourcing services and Fitch A+ rating, but Kuwaiti rather than Qatari network and equally private pricing.
Better published rates and the UK's largest Islamic commercial property desk, but app-based rather than relationship-based service.
Published property finance rates from 5.46% and digital servicing for GCC clients - the transparency benchmark to negotiate against.
Bottom Line
QIB (UK) earns its place through relationship and network rather than rate: a wholly Islamic Mayfair private bank with heavyweight scholars and Qatari backing. Take the 31-day notice account if you are inside the relationship, use Raisin for a retail slice, and negotiate property finance hard with published competitors on the table.
Read full QIB (UK) reviewShariah Compliance & Oversight
Sheikh Walid Ben Hadi (Chairman), Sheikh Nizam Mohammed Yaquby and Sheikh Mohamed Ahmaine, per QIB (UK)'s published annual report (FY2021, qib-uk.com, crawled 2026-08-06); the SSB reports annually within the accounts and its rulings govern the deposit products per the bank's terms.
2026-08-06
Why It's Halal
Same wholly Islamic treatment as the rest of the shelf: expected profit generated under SSB rulings, no interest. The notice mechanism is an access constraint, not a penalty structure - profit is not confiscated for giving notice. The wholly Islamic balance sheet (since 2008) means noticed money funds only Shari'a compliant deployment, supervised by the named board in the annual report: Sheikh Walid Ben Hadi (Chairman), Sheikh Nizam Mohammed Yaquby and Sheikh Mohamed Ahmaine. As with the rest of the shelf, no product-level fatwa is published - assurance runs through the SSB's annual report within the accounts - and returns are expected profit rates set per the bank's published matrix (26 March 2026 at crawl) rather than contractual interest.
Regional Availability
QIB (UK) serves all of the UK
✓ Available nationwide including Wales
Open Account: QIB (UK)
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NationwideFrequently Asked Questions
What is QIB (UK) Notice Accounts (31, 93 and 120 Day)?
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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.