QIB (UK) Review - Halal Finance Products
Reviewed quarterly and updated for major content changes.
QIB (UK) offers halal financial products and services designed to align with Islamic principles. These options provide alternatives to conventional interest-based financial products, using structures like Murabaha, Ijara, and Musharakah.
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HalalWallet 2026 Review
QIB (UK) - At a Glance
5
Products Reviewed
All
Provinces (Nationwide)
2
Categories
Our Verdict
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.
Pros & Cons
What We Like
- Wholly Shari'a compliant balance sheet since 2008 with named three-scholar SSB
- Best short-notice halal rate in the UK at the crawl date (3.75% at 31 days)
- GBP, USD and EUR deposits under one roof
- Raisin UK access route for retail savers
- Qatar Islamic Bank parentage and London private banking service
What Could Be Better
- Deposit curve trails AlRayan, HBZ and BLME at nearly every point
- Inverted rate card: 120-day notice pays less than 31-day; 18-month pays less than 3-month
- Property finance publishes no rates, FTV limits or fees
- Private banking onboarding criteria and tariffs not published
- No product-level fatwa downloads on the website
Who Is QIB (UK) Best For?
Private clients with Gulf connections
Mayfair relationship banking on a wholly Islamic balance sheet with Qatar Islamic Bank's network behind it
Short-notice savers inside the relationship
3.75% gross expected profit at just 31 days' notice led the UK halal short-notice market at the crawl date
Raisin UK diversifiers
Fixed terms distributed via Raisin let retail savers add a Qatari-backed Islamic bank to their FSCS spread without private banking minimums
Prime London property buyers
Negotiated Murabaha finance for owner-occupied and BTL London residential, with profit-only and amortising options
Detailed 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.
How It Works
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.
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.
Shariah Compliance Review
Oversight Level
Review details on provider's website
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
Shariah compliance should always be verified directly with QIB (UK). HalalWallet reports publicly available oversight information but does not issue fatwas or certify compliance.
How It 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.
vs. Bank of London and The Middle East (BLME)
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.
vs. AlRayan Bank UK
Better published rates and the UK's largest Islamic commercial property desk, but app-based rather than relationship-based service.
vs. Nomo Bank
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.
Products from QIB (UK)
Why It's Halal
The financing is written as Murabaha (cost-plus sale) rather than an interest loan, inside a bank that has been wholly Shari'a compliant since 2008 with a three-scholar SSB whose report is published in the annual accounts. Caveat: no product-level fatwa or rate disclosure exists on the site, so verification depth is thinner than at Gatehouse or Nomo. Murabaha is a cost-plus sale: the financing is written as a purchase and resale at a disclosed markup, creating a fixed payment obligation rather than an interest-accruing loan, with fixed or variable profit and profit-only or partially amortising payment profiles engineered around that sale. The SSB named in the published annual report - Sheikh Walid Ben Hadi (Chairman), Sheikh Nizam Mohammed Yaquby and Sheikh Mohamed Ahmaine - supervises the whole balance sheet, which has been wholly Shari'a compliant since 2008.
QIB (UK)
Property Finance (Murabaha) and Structured Real Estate
Murabaha facilities for the purchase or refinance of London residential property for private banking clients - both regulated home finance (owner-occupied) and buy-to-let - with profit-only or partially amortising payment options and a choice of fixed or variable profit rates. Alongside sits the Structured Real Estate desk, financing investment, development and refinancing of residential and commercial projects across the UK. No rates, FTV limits or fees are published; terms are described as 'very competitive' and negotiated per client.
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QIB (UK)
Instant Access Savings Account
Instant access savings for QIB (UK) private banking clients in GBP, USD and EUR, paying 1.75% gross expected profit (GBP and USD, rate matrix as at 26 March 2026) with unrestricted withdrawals. Profit can be paid monthly, quarterly or annually.
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QIB (UK)
Fixed Term (Wakala) Deposit
Wakala fixed term deposits in GBP, USD and EUR on maturities from 3 to 18 months on the published matrix (3 months 3.50%, 6 months 3.65%, 9 months 3.65%, 12 months 3.60%, 18 months 3.10% GBP as at 26 March 2026; USD 3.15-3.35%), with terms to 3 years available per the private banking page. Profit paid at the end of the term; no withdrawals. Retail savers can also access QIB (UK) fixed terms via the Raisin UK platform.
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QIB (UK)
QIB (UK) Current Account
The GBP current account at the heart of QIB (UK)'s Mayfair private bank - required before any savings product can be held. Comes with a debit card with a high daily allowance that doubles as an out-of-hours entry pass to the bank's Grosvenor Street building for secure ATM access, internet and mobile banking with international payments in various currencies, and a dedicated relationship manager. Pays no profit.
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QIB (UK)
Notice Accounts (31, 93 and 120 Day)
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.
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Where Available
Based on listings we track, QIB (UK) operates nationwide:
Nationwide availability
Availability may vary by product type. Always verify current availability directly with QIB (UK).
How We Compare
- • We review publicly available information from providers, including Shariah compliance documentation.
- • We compare financing structures, total costs, down payment requirements, and state availability.
- • We prioritize providers that clearly explain their halal compliance rationale and operate with transparency.
- • We note which products are available nationwide versus regionally.
- • Learn more about our methodology.
Quick Answer
QIB (UK) offers halal financial products that comply with Shariah principles, avoiding interest (riba) and prohibited industries. Their products are available in 2 states and include Bank Accounts, Home Financing options.
Key Takeaways
- QIB (UK) offers Shariah-compliant financial products that avoid interest and prohibited industries.
- Products are available in 2 states: ENG, Nationwide.
- Product categories include Bank Accounts, Home Financing.
- Always verify compliance directly with QIB (UK) and consult qualified Islamic finance advisors when needed.
- Compare QIB (UK)'s products with other providers to find the best fit for your needs.
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.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-03-09
How to cite this page
Preferred format:
For time-sensitive claims (rates, fees, state availability), please verify directly with the provider's official documentation and note the retrieval date.
Related Guides
Frequently Asked Questions
What types of halal products does QIB (UK) offer?
QIB (UK) offers 5 products across 2 categories. QIB (UK) is best for [object Object],[object Object],[object Object],[object Object]. Review the products listed above or contact QIB (UK) directly for current offerings.
How does QIB (UK) ensure Shariah compliance?
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 does QIB (UK) work?
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.
Is QIB (UK) available in my state?
QIB (UK) operates nationwide, though specific products may have regional limitations. Always verify current availability directly with QIB (UK).
What are alternatives to QIB (UK)?
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. Bank of London and The Middle East (BLME): 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. AlRayan Bank UK: Better published rates and the UK's largest Islamic commercial property desk, but app-based rather than relationship-based service. Nomo Bank: Published property finance rates from 5.46% and digital servicing for GCC clients - the transparency benchmark to negotiate against.
Are QIB (UK)'s products more expensive than conventional options?
Halal financing structures can have different fee structures compared to conventional products. Some options may be competitive with conventional rates, while others may have different cost structures. Pricing varies by product type, location, and individual circumstances. Always compare total costs and terms when evaluating options.
How do I contact QIB (UK)?
Contact information for QIB (UK) should be available through their website or the product listings above. Use the action links provided with each product to visit QIB (UK)'s website or contact them directly for more information.
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