Savings Status Quo Challenged As 79% Of Shariah-Compliant Accounts Now Beat The Market
Gatehouse Bank surveyed eight different types of account: easy access, 1, 2, 3 and 5 Year Fixed Term and 30, 60 and 90 Day Notice accounts. It found average returns on Shariah-compliant savings products trumped their mainstream counterparts on all account types bar one, easy access. Overall, the average rate on Shariah-compliant products was 1.54% while the average for mainstream accounts was 1.29%, a difference of 0.25%. All but three of the 14 Shariah-compliant accounts surveyed beat the market average. Shariah-compliant savings accounts in the UK are growing in popularity, amongst both Muslim and non-Muslim savers. According to Gatehouse Bank CEO Charles Haresnape, what we’re seeing is the emergence of a genuine challenge to the UK savings establishment.
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