First Shariah-compliant capital savings plan launched in the UK
Alburaq, the London arm of Bahrain-based Arab Banking Corporation (ABC) today launched what it says is the UK’s first shariah-compliant capital protected savings plan.
The product, which is being offered in partnership with the Bank of Ireland, allows savers to deposit between £500 and £1 million in a five year account, as an alternative to a guaranteed equity bond.
Tagged: Islamic Banking, Islamic Finance
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It’s certainly an intriguing and perhaps clever product development. Many of the principles will be the same as those required by ethical investors, so it’s probably mostly rebranding an existing product? Mininal work to reach a sizeable affluent market of savers.