Qatari Masraf Al Rayan, with its branch in the United Kingdom, has topped the banks operating in the Kingdom as the best banks in savings accounts for the past year.
Masraf Al-Rayan surpassed five British banks, according to Money Facts, a financial advisory firm.
The Qatari bank won the best savings accounts and the fixed exchange rate allocated to them.
Money Facts said that the bank follows the rules of Islamic Sharia that give profit and not interest on the fixed and current savings accounts of its clients.
Qatari Masraf Al Rayan
In turn, British expert in banking savings Anna Booz said despite the drop in interest rates on savings accounts due to the coronavirus pandemic repercussions and the global economic crisis that caused it, Masraf Al-Rayan provided the best savings accounts to its clients.
In addition, customers of all religions, not just Muslims, reached the value of the profits provided by the bank on the personal savings accounts of any customer to 0.6%.
She also said, in contrast, British banks offered a low rate of interest on fixed and current savings accounts. The Charter Savings Bank of Britain, Yorkshire Building Society and Paragon Triple Foundation provided 0.4% on savings accounts.
British financial institution Leeds Building Society Limited provided 0.3% on all fixed savings accounts for its clients, Booz said.
Money Facts said Masraf Al-Rayyan provided great facilities to encourage clients to open fixed or current savings accounts, allowing clients to open a savings account starting from just £50.
The rest of the banks only allow saving at not less than £1,000 to put it in the savings accounts.
The firm said Masraf Al-Rayan is among a group of British banks that are easy to open a savings bank accounts in for any client without obstacles or complicated steps. There, a person can open a savings bank account via the Internet, their phone or any branch of the bank.
The bank has several branches across the United Kingdom.
The number of the bank’s clients in the UK reached 90,000 people.
More than a third of Masraf Al-Rayan in the United Kingdom are non-Muslims. This number is a strong indicator of the confidence the bank enjoys in the field of banking and finance in Britain.