View more on these topics

Bank of Ireland links up for Islamic savings

Islamic home finance provider Alburaq has set up a retail Shariah compliant alternative to a guaranteed equity bond in conjunction with the Bank of Ireland.

Savers will be able to deposit funds with the Bank of Ireland for five years in the Alburaq savings plan which follows the Islamic principles of Wakala.

At maturity savers will receive their initial capital back together with 100 per cent of any gain in the performance of a basket of 20 shares in global companies selected from the Dow Jones Islamic Titans 100 Index. The minimum opening deposit is £500.

Alburaq head Keith Leach says this is the first Shariah-compliant capital-protected product in the UK retail market. He says: “Over the past few years, the UK has seen an increase in the availability of Islamic home finance products but there are very few options for Muslims wanting to save money in accordance with their religious beliefs.”

Bank of Ireland UK Financial Services chief executive Des Crowley says: “Bank of Ireland is delighted to be involved with Alburaq in bringing to market the Alburaq Savings Plan. This is a highly innovative product, the first of its kind and directly addresses the saving needs of the Muslim community. We have been working with Alburaq for four years providing Islamic home finance and this news should be seen as the next stage in our development of Shariah-compliant products.”


Ward says cut back M4 rather than raise base rates

New Star chief economist Simon Ward says a deterioration in company liquidity should prevent the Bank of England monetary policy committee from raising base rate this summer.

Retirement - thumbnail

A downhill stroll?

The Department for Work and Pensions (DWP) has recently published new research, which once again demonstrates how the prospect of retirement is changing for older workers.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm