QIB (UK) savings rates — compare every account, plus switch offers and guides

Who they are

Qatar Islamic Bank (QIB) was established in 1982 as a Sharia-compliant bank providing retail, private, corporate and investment banking products and services. QIB (UK) plc is its wholly owned UK subsidiary , incorporated in February 2003 and headquartered at 43 Grosvenor Street in London's Mayfair. QIB UK is a Sharia-compliant investment bank offering solutions in asset management, real estate, treasury and trade finance. Services are open to both Muslim and non-Muslim clients who value ethical, transparent, and asset-backed banking solutions.

The bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, with reference number 466577. It participates in the Financial Services Compensation Scheme (FSCS), and an eligible depositor may claim up to £120,000 - and for a joint account held by two eligible depositors, a maximum of £120,000 each could be claimed, making a total of £240,000.

Savings accounts

QIB UK Private Banking is a Sharia-compliant banking service designed for high-net-worth individuals, offering personalised banking, savings, property financing, and wealth management support from its base in Mayfair, London. Rather than paying conventional interest, accounts operate on Islamic finance principles - returns are described as "profit rates" rather than interest.

Instant Access Savings Accounts are available in GBP, USD, and EUR, offering profit rates with the freedom to withdraw funds at any time without penalties or restrictions. Notice accounts are also available in GBP, USD, and EUR for customers seeking higher profit rates, with a choice of 93-day or 120-day notice periods. Wakala Deposit Accounts are available for longer-term saving, with terms from 3 months to 3 years, and are structured under the Wakala principle where the bank acts as agent to make Sharia-compliant investments on your behalf.

Is it right for you?

QIB (UK) is a niche proposition. A minimum relationship balance of £1,000,000 with QIB - including deposits, investments, and financed assets - is required to be eligible for Private Banking services. That puts it firmly outside the reach of most everyday savers and means it sits closer to private wealth management than high-street banking.

There are currently no QIB (UK) savings products listed in DepositScout's comparison data. If that changes, the live rates on this page will be the first to reflect it - so it is worth checking back rather than relying on figures from elsewhere.