'Expected profit' on Sharia savings accounts

gt94sss2

whelkmice said:

Looking at a 1 year fixed-rate Sharia account (Al Rayan via Prosper, 4.56%) for a large lump sum deposit

It's worth noting that Al Rayan is actually offering 4.3%

The difference is funded by Prosper.

TMSG

We've been with Al Rayan for a few years and with BLME for a decade or so and never received less than expected. We once actually got more :-)

MyRealNameToo

artyboy said:

A cynic might almost think it was some sort of fiddle to make ostensibly interest bearing accounts acceptable to a wider customer base...

Most the adjustments to financial services to make it takaful/ Shia compliant feel like a fudge. Like when you and the bank jointly buy the house and each month you buy a bit back and pay "rent" which is remarkably similar to the prevailing interest that would exist on a mortgage or the alternative where the bank buys the house and immediately sells it to you at a higher rate but allows you to make your payments monthly (interest free of cause but the uplift in sales price remarkably similar to the current interest rate)

whelkmice

Thanks for the comments & experiences of Sharia accounts - just to report I have opened the fixed rate account through Prosper