Islamic Bank of Britain (IBB) has launched the UK’s first Sharia compliant cash Individual Savings Account (ISA) to kick-off 10 year anniversary celebrations.
The IBB Notice Cash ISA is designed for Muslim consumers who wish to receive a Sharia compliant return on their savings no longer need to miss out on the tax efficient benefits of an ISA, or compromise on their beliefs by placing their deposits in interest-based products.
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The IBB Notice Cash ISA will offer a market leading expected profit rate of 1.8%, free of tax.
As part of the new offering, a basic rate tax payer will have to place their deposit into an account offering 2.25% and a higher rate tax payer will have to save it into an account offering 3.00% to receive a higher level of return from a savings account where tax is deducted.
Additionally, the minimum deposit for the IBB Notice Cash ISA is £250 and will require savers to give 120 days’ notice to make a withdrawal.
Furthermore, savers can make regular deposits, and profit is calculated and accrued to the account monthly.
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By GlobalDataIBB, which is authorised and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) currently offers a range of Islamic retail financial products in the UK.
