Islamic Bank of Britain opens savings accounts

Professional Adviser

The Islamic Bank of Britain will open its first branch tomorrow and begin taking savings business.

After receiving its authorisation from the FSA last month, the Islamic Bank will open on Edgware Road, London tomorrow and handle any postal or telephone banking enquiries for simple savings plans. A basic savings account requires a minimum balance of £1 and carries no penalties or notice on withdrawals. The term deposit savings account requires a minimum deposit of £5,000 for set terms of one, three or six months and higher profit rates depending on the length of the term. The third product - the Treasury Deposit Account - is aimed at high-net-worth clients who have £100,000 or mo...

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