Halal Savings Accounts - Fixed TermA comparison of sharia-compliant savings account with fixed terms. This means that the money must stay in the account for the length of time given in the product name. For example, in the "Al Rayan Fixed 1 Year" account, your money is locked in for 1 year with no option to take out the money until the end of the fixed term.
|Name||Expected profit rate||Minimum deposit||Website|
|Al Rayan Fixed 2 Year||2.40%||£1,000||Al Rayan|
|BLME Fixed 2 Year||2.40%||£1,000||BLME|
|Gatehouse Fixed 2 Year||2.3%||£1,000||Gatehouse Bank|
|BLME Fixed 1 Year||2.2%||£1,000||BLME|
|Al Rayan Fixed 1 Year||2.15%||£1,000||Al Rayan|
|Gatehouse Fixed 1 Year||2%||£1,000||Gatehouse Bank|
|UBL Fixed 1 Year||0.60%||£2,000||UBL|
|UBL Fixed 6 Months||0.15%||£2,000||UBL|
Halal Savings Accounts - Notice AccountsThese accounts are less rigid than the fixed term accounts. You still have to lock your money away, but you can withdraw if you give an agreed number of days' notice. You get less return, but if you want quicker access to your cash than a fixed term account, you should consider these.
|Name||Expect Profit Rate||Minimum Investment||Notice Period||Website|
|Gatehouse 120 Day Notice||1.87%||£1,000||120 days||Gatehouse Bank|
|Gatehouse 95 Day Notice||1.85%||£1,000||95 days||Gatehouse Bank|
|Al Rayan 90 Day Notice||1.5%||£250||90 days||Al Rayan|
|Gatehouse 60 Day Notice||1.4%||£1,000||60 days||Gatehouse Bank|
|Gatehouse 31 Day Notice||1.3%||£1,000||31 days||Gatehouse Bank|
|Al Rayan 60 Day Notice||1%||£250||60 days||Al Rayan|
|UBL 90 Day Notice||1.00%||£2,000||90 days||UBL|
Sharia-Compliant Property CrowdfundingA list of halal property crowdfunding platforms. These platforms offer hands-off investing in property.
|Name||Average annual rental yield||Set-up Fee||Management Fee||Exit Fee||Buy-To-Let Options||Buy-To-Sell Options||FCA-Authorised?|
|Yielders||6-7%||2.5%||10%||15% of net profit||✓||✓ (for HNW only)||✓ (Direct)|
|Igloo Crowd||6-7%||5%||10%||15% of net profit||✓||✓||✓ (Appointed Representative)|
Stock market fundsA list of hands-off funds offering exposure to stock market listed with their 3-year annualised returns. Annualised return means the return over the last 3 years, expressed in yearly figures. Note that these figures will be heavily skewed by the performance of the stock market as a whole which has, in recent years, been largely positive. Past performance is not an indication of future performance.
|Name||3-year annualised return (after fees)||Annual fee charge||Minimum investment||Notes|
|Wahed (very aggressive)||7.02%||1.62%||£100|
|Oasis Crescent Global Equity Fund||6.7%||1.28%||£100 (via HL)||You can buy this fund in a HL account|
|iShares World Islamic ETF||8.75%||0.25% (maximum of £30)||£1||You can buy this in an AJ Bell account|
Halal MortgagesA summary of the sharia-compliant mortgages in the UK. Note that each bank has multiple products. We have specified which product's rate we have used in the rate column.
|Lender||Rate||Max. LTV||Product fee||Islamic structure used||Minimum finance amount||Maximum finance amount||Loan amount as multiple of salary|
|Al Rayan||3.59% (fee-assisted 80% FTV plan)||95%||£0 for fee-assisted |
£399 for 80% LTV
£999 for 90%+ LTV
|Diminishing Musharaka||£30,000||£750,000 (can be higher or lower depending on product and deposit amount)||4.5x|
|Ahli United Bank||2.30% (+3-month LIBOR - on the ijara plan)||70% for prime central London properties; 65% for other Central London, Outer London and Home Counties. Otherwise - at bank's discretion.||0.75% of the finance amount||Diminishing Musharaka||£250,000|
|Gatehouse||3.49% (fixed for 5 years. 4.5% standard variable rate thereafter)||80%||£499||Diminishing Musharaka||£50,000||£1,000,000||4.5x|