Banking with Al-Rayyaan Bank

Answered according to Hanafi Fiqh by


Asalamualaikum Mufti Saab. Hope you are well? Wanted to ask a question regarding banking in the UK.

I have an account in the UK with an Islamic Bank. And there is an Account known as FTD or Fixed Term Deposit Account.

These are savings accounts that pay the highest expected rate of profit. However, you need to lock your money away for a fixed period of time, agreed at the outset.

According to the bank website, it is stated that “Sharia principles mean that we do not offer you interest, instead we make Sharia compliant investments on your behalf to achieve expected profit rates. This arrangement is known as Wakala, and is approved by our Sharia Supervisory Committee”.

All of Al Rayan Bank’s products and services are endorsed by our Sharia Supervisory Committee, you can view the Certificate of endorsement for this account by following this link.

I am sending you a link for the bank I have an account with.


In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.

We commend you for your sensitivity to invest in a Shariah Compliant investment account.

We are unable to comment on the Fixed Term Deposit Account without reviewing and analyzing the contract. You may forward us the contract for our assessment.


And Allah Ta’āla Knows Best


Mufti Muhammad I.V Patel


Checked and Approved by
Mufti Nabeel Valli

Darul Iftaa Mahmudiyyah

Lusaka, Zambia

This answer was collected from, which serves as a gateway to Darul Iftaa Mahmudiyyah – Lusaka, Zambia.

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