What is the expected profit rate of a Sharia-compliant savings account?
Sharia banking doesn't allow savers to earn interest in the traditional sense. Instead, Sharia accounts each have an expected profit rate (EPR).
EPR is an indication of how much profit you can expect to earn. If the bank makes less profit than expected, a savings account’s EPR can change. If this happens, we’ll notify you of the new profit rate, and give you the option to continue with the new rate or cancel your savings account early. This will return your capital and the amount of profit you’ve earned to date at the existing rate.
- What is the make good policy?
- How does the Cash savings hub work?
- How long does it take for payments to clear into/from my transit account?
- What types of notice accounts are available in the Cash savings hub?
- Why do I need to pay £1 into my Cash savings hub before I can fund it from my Dealing account?
- What is the minimum amount I need to deposit to open a Cash savings hub?