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Islamic Finance Briefing - Categorized | Banking, Market Moves more

Islamic bank tempts savers with 4pct rate

Posted on 25 July 2012

The Islamic Bank of Britain is targetting savers of all faiths with a table-topping account. Islamic Bank of Britain (BB) has stepped up its efforts to attract consumers by launching a table-topping 4pc expected profit rate for its two-year fixed account. The account is open to “customers of all faiths” the bank said.
As an Islamic Bank, IBB does not pay interest to its savers. Instead, the rate is offered as an ‘expected profit rate’, because the Bank invests the funds into Sharia compliant and ethical trading activities………………………………………..Full Article: Source

 
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