Islamic Savings..Any Comparison Sites?

k984942

Hi All,

Was just wondering if there was a comparison website out there where I can compare the saving deals offered from FSA registered Islamic banks in the UK?

Failing that, a list of these banks would be great. That way I can do the donkey work myself and check each one's website for their current offers.

Essentially I'm looking for a zero risk savings account. Am willing to tie the money up for up to 3 years.

Thanks

Old_Wrinkly

This might be a start (if you haven't already seen it) :
http://www.fsa.gov.uk/pages/About/Media/notes/bn016.shtml
and in particular

Islamic financial products are available in the UK from a number of High Street banks which offer current accounts and mortgages tailored for Muslims. The UK is home to the first wholly Sharia compliant retail bank in the West, Islamic Bank of Britain, which was authorized by the FSA in 2004. The FSA has also authorized the European Islamic Investment Bank which is the first such investment bank. In addition, London has become an important financial centre with major international firms and the Middle East's biggest traditional banks offering Islamic products.

Also :
http://www.lloydstsb.com/current_accounts/islamic_account.asp

k984942

Thanks for the info.

I am really looking to place my money with an Islamic bank rather than in an Islamic product with a normal bank (e.g. Lloyds, HSBC etc).

The Islamic Bank of Britain is a great suggestion - thank you.

However, I have more than £50,000 to invest so would need another separately owned Islamic bank.

Any further suggestions?

jimbow25

I saw an advert for these guys in the newspaper at the weekend I have no idea what they're like though:
http://www.lme.com/6009.asp

Old_Wrinkly

k984942,
here's a link to a list of banks compiled by the FSA (Financial Services Authority).
You might be able to work out the Islamic banks from their names.
http://www.fsa.gov.uk/pubs/list_banks/2010/feb10.pdf

rl290

There are lots of Arabic banks based around Edgeware Road in London. I assume that these are also Islamic banks. Here is a useful list:
http://www.tijarapages.com/categories.asp?id=129&cid=-1991031952