Principle: The best innovation
respects tradition

 

FAQ

Premier Deposit Account


To open a Premier Deposit Account please click on the relevant button below.


Premier Deposit Account Rates


Term £50,000 + £100,000 + £500,000 +
1 Year 3.45 3.55 3.70
18 Months 3.75 4.00 4.15
2 Years 4.05 4.15 4.25
3 Years 4.30 4.35 4.45
4 Years 4.50 4.55 4.70
5 Years 4.80 4.90 5.00

For Euro and US Dollar rates, investment of terms under 1 year and amounts in excess of £2m please enquire: pda@blme.com.


The rates in the table on the left are indicative and quoted on a gross per annum basis. The gross rate is the profit payable without any income tax being deducted or the compounding of accrued profit.


These profit rates apply only to the BLME Premier Deposit Account and are subject to availability. We reserve the right to amend the rates prior to entering into any investment agreement.


As of 1st February 2012



How it works

 

The Premier Deposit Account (PDA) is operated under the Islamic Finance principle of Agency. BLME acts as your agent to achieve an agreed rate of profit for the period of investment. As your agent BLME will constantly monitor your investment to ensure that we achieve the profit rate agreed with you.

 

 

BLME will only ever invest your funds in Sharia'a compliant investments.

 

 

Should you choose to invest with BLME, we will require you to open a BLME current account and complete the application process.



The Premier Deposit Account benefits and key facts:

 

  • BLME is covered by the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000.
  • Available for investments in Pounds Sterling, US Dollars, and Euros
  • Investments into each PDA must meet the entry levels of the selected currency £50,000, $85,000, or €75,000
  • Sharia'a compliant profit rates on your investment
  • Profit on investments will be paid at maturity and annually in the case of investments over one year
  • Profit paid gross of tax
  • Available to personal customers, businesses, charities and associations
  • A BLME current account must be opened by providing a UK cheque in your name or via direct account transfer with you as the originator
  • Available funds must be in your BLME current account at the start of the PDA investment term
  • There is no facility to withdraw funds before the maturity date
  • The funds will only be used by the bank in Sharia'a compliant investments
  • During the terms of an investment, profit is calculated daily and is paid at the agreed maturity and annually in the case of investments over one year
  • GBP investments accrue on a 365 day annual calendar (or 366 days in a leap year). US Dollars and Euro accrue on a 360 days calendar as per standard market convention