Sharia-compliant savings and bank accounts rocket in popularity across Britain

More savers than ever are turning to Islamic accounts in Great Britain. Tim Sinclair is head of marketing and retail sales at Al Rayan Bank, formerly known as the Islamic Bank of Britain. He says that business has taken off in the past 18 months. A large part of this growth was driven by non-Muslims. Mohammad Khan, head of Islamic finance at PwC, thinks that ethical concerns are one driver of interest in sharia-compliant products, but not the main reason. The competitiveness of the Shariah products is also an important incentive. For example, six of Al Rayan’s savings products are currently listed in the Moneyfacts “best buy” tables.