Here you’ll find a list of the UK’s Islamic banks and those that comply with Sharia law.
Sharia Compliant Banks
About Sharia Banks and Banking
Sharia banking is a type of personal account that follows the rules of Islam. There are some complex laws involved, but a few of the major points include:
- Banks won’t charge interest on borrowed money, and also won’t pay interest on any savings
- The banks won’t benefit from any industries that are against Islamic teachings, including gambling firms, pornography, tobacco and alcohol
- The banks won’t invest in anything high-risk or deal with any type of financial product that offers a lot of uncertainty
- Any profits (and risks) are shared between the consumer and the bank fairly.
These banks are open to anyone – following the same rules as other banks (i.e. you must be 18 years old to open a full bank account). You don’t need to be a practising Muslim in order to open an account with a Sharia-compliant bank. In fact, a lot of non-Muslims like to open accounts with these banks because they’re seen as being more ethical choices. There are other ethical bank options available as well.
Sharia-compliant banks also offer a number of products alongside personal accounts, including ISAs and other savings accounts, investments, and mortgages. All are handled a little differently to the traditional variants of these products, and you can learn more with our guide or by speaking to advisors at these banks. Sharia banks will often employ a supervisory team to ensure they are following the laws of Islam at all times.
Click on each of these banks to learn more about them, and visit their respective websites if you wish to open a compliant account.