QIB
(AA)Deposit amount: Min. £1,000 – Max. £85,000
Protection limit: Up to £85,000 payout in GBP
Sharia account
Account information
Rate
Duration
Deposit Guarantee
Product Type
Account Name
QIB : 95 Day Notice Account
What is the expected profit rate?
4.85% AER / 4.85% Gross
AER is the Annual Equivalent Rate and represents what the profit rate
would be if profit was realised and paid once each year.
Profit is calculated daily, re-invested monthly and paid gross without prior
deduction of tax. This means that there will be no income tax deductions
from the profit payments you receive on your QIB (UK) deposit.
Any profit made will be paid on termination of the savings product
Can QIB (UK) change the profit rate?
The profit rate applicable to your deposit is variable.
Should the bank set a date to lower the profit rate, you will be given a
minimum of 95 days’ notice. You may receive less notice if the rate
increases.
Please review the Meteor Asset Management (MAM) Terms and
Conditions for more information.
Please review the Meteor Asset Management Raisin Deposit Terms and
Conditions for more information.
Make Good’ Offer’
If your original deposit amount returns a loss, QIB (UK) shall make good
the amount of any shortfall that you may have suffered. You shall
therefore be entitled to receive payment from QIB (UK) of the full amount
that you had previously deposited. Note that there is no requirement for
QIB (UK) to pay any form of profit to you under this "'Make Good' Offer".
You are entitled to refuse this offer, and can do so by emailing
service@raisin.co.uk with the email title ‘Make Good Opt Out’. If you
accept this offer, you shall therefore be entitled to receive payment from
QIB (UK) of the full amount that you had previously deposited with QIB
(UK).
We would like to draw your attention to the guidance offered by the QIB
(UK) Shari’a Supervisory Board. The guidance is that if QIB (UK) needs to make good the amount of any shortfall (set out above), this will not comply with Shari’a principles.
What would the estimated balance be after 12 months based on a £1,000 deposit?
The estimated balance after 12 months on a deposit of £1,000 is
£1,048.55. This projection is for illustrative purposes only and does not
take into account individual circumstances.
How do I open and manage my account?
To open this savings account, you must apply online through Raisin UK. Savings accounts at Raisin UK are only available through this online application process, and to be eligible to apply, you must:
● Be a UK resident who is aged 18 or over
● Hold a UK bank or building society account from which you will fund your application
● Have a valid mobile phone number and email address
● Have a UK National Insurance Number
Your application acceptance will be subject to the successful completion of Anti-Money Laundering/Know Your Customer (AML/KYC) check.
The minimum amount you can deposit is £1000.00, and the maximum amount you can deposit is £85000 (per product and banking institution).
You can manage your savings account through Raisin UK by logging into your Raisin UK Account. You can contact Raisin UK by telephone, by email or in writing by using the contact details provided in the Raisin UK Terms & Conditions.
Please ensure you have read and understood all sets of Terms and Conditions before applying for this product.
Can I withdraw money?
You may withdraw the full deposit amount only. This will be subject to a 95 day notice period. You are unable to add to the initial deposit or make partial withdrawals. Funds may be returned to your Raisin UK Account in two separate payments by MAM following the notice period expiry. For further information, please refer to clause 4.21 of the MAM Terms and Conditions.
Your notice of termination will start on the business day after your request to give notice.
Once notice has been given it can’t be revoked.
If a termination falls on a non-business day, then payment will be made on the next business day and interest will be paid for the additional days. e.g. If a notice account terminates on a Saturday and funds are returned on the Monday, interest will be paid for the intervening Sunday.
Additional Information
MAM, with their administration arm Meteor Investment Management (MIM), will administer the deposit on your behalf.
Funds will appear in MIM’s account by the following business day from funding your application at the latest. Funds will be remitted to QIB by MIM on the next business day after arriving in the MIM account. It can therefore take up to 2 business days for an ordered product to be set up and start earning interest.
Cash and deposits will be held by MIM and MAM in trust for you under FCA client money and asset rules.
You have the right to cancel your account without charge and without giving any reason, within 14 calendar days from the day of opening this savings account. For further information, please refer to clauses 1.18 and 1.19 of the MAM Terms and Conditions.