Frequently Asked Questions

General

Bank of London and The Middle East plc is a member of and covered by the Financial Services Compensation Scheme (“FSCS”) established by the Financial Services and Markets Act 2000. The FSCS may pay you compensation if you are eligible and if we are not able to meet our obligations under these Terms. Most depositors, including most individuals and small businesses, are covered by the scheme. For further information about the FSCS (including the amounts covered and eligibility to claim), please refer to the FSCS website at www.fscs.org.uk or click here for the FSCS leaflet.

No. As a standalone UK Bank BLME is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. BLME appears on the FCA Register under firm reference number 464292. We are covered by the UK Financial Services Compensation Scheme (FSCS), which means that clients’ eligible accounts are protected up to the statutory limit.

You can only apply for BLME savings accounts online via our website. If you would like to apply for a Premier Deposit Account click here. If you would like to apply for a Notice Account click here.

As a Sharia’a bank we do not deal in interest-based products and we cannot guarantee the profit rates on our accounts. However, BLME offer our savings accounts with the aim of reaching the Expected Profit Rate. In the unlikely event that your deposit is not producing the agreed profit rate we will contact you. If you then tell us you do not wish to continue with your savings account, we will end your deposit and we will return the original deposit amount in full plus the profit at the original Expected Profit Rate. In this circumstance you will not be penalised for terminating your agreement early.

Please click here to see our current rates for the Premier Deposit Account and here for the Notice Account.

No, you must be over 18 to open a BLME Savings account. 

 

BLME use secure and reputable electronic databases to verify your identification and address.

Yes, up to two people can hold an account together. Each person is deemed to own an equal share of the funds in the account.

No, we are not able to accept applications from overseas residents. You must be a UK resident.

If you are no longer a resident of the UK, please contact savings@blme.com. We reserve the right to close your account and return the balance to you.

No, we do not accept SIPP or any pension applications for BLME Savings accounts.  

You nominate a UK bank account held in your name at the time of your application and BLME will pay your profit payments and maturity proceeds into that account. You will need to notify BLME of any changes to your banking details at least four working days before the maturity or profit payment dates.

Your nominated bank account is a UK bank account held in your name. Money can only be transferred from your BLME savings account to your nominated bank account.

In the event of death, the account can be terminated early without penalty or fee. The deposit amount and profit accrued (after deduction of any applicable taxes) will be paid to the estate of the deceased or as instructed by the Executor(s). We will require the appropriate legal documents. BLME savings accounts cannot be transferred to another person unless to the surviving joint account holder.

Please click here to complete a form to update your personal details.

No, there is no online access to BLME savings accounts.

We will send you an annual statement and a tax certificate after the end of each tax year.

The payment and receipt of interest is forbidden in Islam as money cannot, in itself, generate money. Instead, profit should be generated through the exchange of goods or services that are consistent with Sharia’a principles. General principles of Sharia’a include a prohibition on excessive uncertainty, gambling and speculation.

If you wish to make a complaint or would like a copy of our Complaints Procedures you can do so by calling us on 020 7618 0147 or by writing to us at BLME plc, Cannon Place, 78 Cannon Street, London, EC4N 6HL. If you make a complaint, we will aim to resolve it as quickly as possible. If you are still not satisfied, you may be able to refer your complaint to the Financial Ombudsman Service (FOS). You can find out more at www.financial-ombudsman.org.uk.

In July 2020, the UK’s 6 largest banking groups introduced a new payment checking system called Confirmation of Payee. This is a new way of giving personal and business banking customer’s greater assurance that they are sending payments to the intended recipient and to help them avoid making payments to the wrong account holder.

A payee is the term used to describe the person or business that you are paying money to. The 'Big 6' banks cover 90% of bank transfers but smaller banks such as BLME are not yet permitted in the scheme.

For more information about the Confirmation of Payee scheme please go to the UK Finance website here.

This means that when you try to send money to a person or organisation, you may be asked for additional information or to verify the account details.

If you are transferring funds to your BLME account from one of the ‘Big 6’ banks, you may receive a warning that your BLME account details cannot be verified. This could mean that your originating bank has been advised to double check that you are aware of where funds are being transferred to. If you receive such a message or are concerned about your transfer, please get in contact by emailing savings@blme.com.

As with every transaction, BLME recommends double checking transfers in case of errors or fraudulent activity. Do not transfer money without being sure that you have not been scammed. For more information about the Confirmation of Payee scheme please go to the UK Finance website here.

If your account information meets any of the following criteria, BLME may request further information / documentation to determine if you are a US person under FATCA:

  • US citizenship or US residence
  • US tax residence
  • US place of birth
  • US address including US P.O. boxes
  • US telephone number
  • Repeating payment instructions to pay amounts to a US address or an account maintained in the USA
  • Current Power of Attorney or signatory authority granted to a person with a US address
  • A care of or hold mail address in the USA which is the sole address for the account holder

No. All communication on your account will be in English only.

Yes, we can refuse your application to open an account with us. We do not have to give you any reason for this refusal.

The general terms and conditions apply to your account and only relate to terms not covered by the Deposit Investment Terms in relation to the Premier Deposit Account and the Notice Account Deposit Investment Terms in relation to the Notice Account. To read the general terms and conditions, please click here.

Savings cash platforms (also known as deposits aggregators) help you to spread your money across multiple accounts with different banks. The same compensation limits are applied if you used an aggregator as if you applied directly. The compensation limit applies to the total amount you hold across all your accounts with BLME (whether through an aggregator or held directly), not to each separate deposit. The FSCS will check and pay claims as soon as is possible, and always within three months. For further information please click here for the link to the FSCS.

Premier Deposit Account

Bank of London and The Middle East plc is a member of and covered by the Financial Services Compensation Scheme (“FSCS”) established by the Financial Services and Markets Act 2000. The FSCS may pay you compensation if you are eligible and if we are not able to meet our obligations under these Terms. Most depositors, including most individuals and small businesses, are covered by the scheme. For further information about the FSCS (including the amounts covered and eligibility to claim), please refer to the FSCS website at www.fscs.org.uk or click here for the FSCS leaflet.

You can only apply for BLME savings accounts online; no paper application forms are available. If you would like to open a BLME Premier Deposit Account please click here.

Please click here to see our current rates for the Premier Deposit Account.

No, you must be over 18 to open a BLME Savings account. 

No, we do not accept SIPP or any pension applications for BLME Savings accounts.  

You may cancel your Premier Deposit Account within 14 days from the date we send you our acceptance of our offer to deposit money with us. To cancel your Premier Deposit Account within the 14 day cooling off period please email savings@blme.com. Once we receive your communication we will return the funds you sent to us and close your Premier Deposit Account.

No, once you have opened a PDA you cannot add to it. You can however open another PDA provided you are able to fund the new deposit with at least the minimum deposit amount.

No, we are not able to accept applications from overseas residents. You must be a UK resident.

If you are no longer a resident of the UK, please contact savings@blme.com. We reserve the right to close your account and return the balance to you. 

No, strictly no early withdrawal or early account closure is allowed, except in the event of the death or terminal illness of the account holder. The Premier Deposit Account does not operate on the basis that you pay a penalty in order to access your funds early.

As a Sharia’a bank we do not deal in interest-based products and we cannot guarantee the profit rates on our accounts. However, BLME offer our savings accounts with the aim of reaching the Expected Profit Rate. In the unlikely event that your deposit is not producing the agreed profit rate we will contact you. If you then tell us you do not wish to continue with your savings account, we will end your deposit and we will return the original deposit amount in full plus the profit at the original Expected Profit Rate. In this circumstance you will not be penalised for terminating your agreement early.

No, the Premier Deposit Account only pays profit on an annual basis to the UK bank account which you have nominated.

No, the Premier Deposit Account pays profit on an annual basis to the UK bank account which you have nominated, and cannot be compounded nor accrued back into the deposit.

The Premier Deposit Account 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 your deposit. As your agent BLME will constantly monitor your investment to ensure that we achieve the agreed profit rate.

In July 2020, the UK’s 6 largest banking groups introduced a new payment checking system called Confirmation of Payee. This is a new way of giving personal and business banking customer’s greater assurance that they are sending payments to the intended recipient and to help them avoid making payments to the wrong account holder.

A payee is the term used to describe the person or business that you are paying money to. The 'Big 6' banks cover 90% of bank transfers but smaller banks such as BLME are not yet permitted in the scheme.

For more information about the Confirmation of Payee scheme please go to the UK Finance website here.

This means that when you try to send money to a person or organisation, you may be asked for additional information or to verify the account details.

If you are transferring funds to your BLME account from one of the ‘Big 6’ banks, you may receive a warning that your BLME account details cannot be verified. This could mean that your originating bank has been advised to double check that you are aware of where funds are being transferred to. If you receive such a message or are concerned about your transfer, please get in contact by emailing savings@blme.com.

As with every transaction, BLME recommends double checking transfers in case of errors or fraudulent activity. Do not transfer money without being sure that you have not been scammed. For more information about the Confirmation of Payee scheme please go to the UK Finance website here.

Savings cash platforms (also known as deposits aggregators) help you to spread your money across multiple accounts with different banks. The same compensation limits are applied if you used an aggregator as if you applied directly. The compensation limit applies to the total amount you hold across all your accounts with BLME (whether through an aggregator or held directly), not to each separate deposit. The FSCS will check and pay claims as soon as is possible, and always within three months. For further information please click here for the link to the FSCS.

Notice Account

Bank of London and The Middle East plc is a member of and covered by the Financial Services Compensation Scheme (“FSCS”) established by the Financial Services and Markets Act 2000. The FSCS may pay you compensation if you are eligible and if we are not able to meet our obligations under these Terms. Most depositors, including most individuals and small businesses, are covered by the scheme. For further information about the FSCS (including the amounts covered and eligibility to claim), please refer to the FSCS website at www.fscs.org.uk or click here for the FSCS leaflet.

You can only apply for BLME savings accounts online; no paper application forms are available.  If you would like to open a BLME Notice Account please click here.

Please click here to see our current rates for the Notice Account.

You can transfer money to BLME via a UK bank account that is held in your name or with a cheque from an account in your name. The cheque should be made payable to yourself.

Please click here to go to Managing Your Account and complete the form to give the notice period appropriate to your account, e.g. 90 days. Providing the amount you request meets the minimum withdrawal amount of £1,000 and does not take you below your Notice Account £1,000 minimum balance, we will credit your nominated bank account after the relevant notice period.

You will need to keep a minimum balance of £1,000 to keep your Notice Account open. The minimum opening balance for the Notice Account is £10,000

You may cancel your Notice Account within 14 days from the date we send you a confirmation that your Notice Account has been opened. To cancel your Notice Account within the 14 day cooling off period please email savings@blme.com. We will then return the balance to you and close your Notice Account.    

Please click here to go to Managing Your Account and complete the form to give the notice period appropriate to your account, e.g. 90 days. We will credit your nominated bank account after the relevant notice period and close your account.

No, you must be over 18 to open a BLME Savings account. 

No, the Notice Account only pays profit on a quarterly basis to the UK bank account which you have nominated.

No, the Notice Account only pays profit on a quarterly basis to the UK bank account which you have nominated. The profit cannot be compounded or accrued back into the Notice Account.

If BLME offers a new issue of the Notice Account with an alternative rate or notice period you can open a new account. You can open a Premier Deposit Account in addition to a Notice Account.

No, we do not accept SIPP or any pension applications for BLME Savings accounts 

As a Sharia’a bank we do not deal in interest-based products and we cannot guarantee the profit rates on our accounts. However, BLME offer our savings accounts with the aim of reaching the Expected Profit Rate. In the unlikely event that your deposit is not producing the agreed profit rate we will contact you. If you then tell us you do not wish to continue with your savings account, we will end your deposit and we will return the original deposit amount in full plus the profit at the original Expected Profit Rate. In this circumstance you will not be penalised for terminating your agreement early.

In July 2020, the UK’s 6 largest banking groups introduced a new payment checking system called Confirmation of Payee. This is a new way of giving personal and business banking customer’s greater assurance that they are sending payments to the intended recipient and to help them avoid making payments to the wrong account holder.

A payee is the term used to describe the person or business that you are paying money to. The 'Big 6' banks cover 90% of bank transfers but smaller banks such as BLME are not yet permitted in the scheme.

For more information about the Confirmation of Payee scheme please go to the UK Finance website here.

This means that when you try to send money to a person or organisation, you may be asked for additional information or to verify the account details.

If you are transferring funds to your BLME account from one of the ‘Big 6’ banks, you may receive a warning that your BLME account details cannot be verified. This could mean that your originating bank has been advised to double check that you are aware of where funds are being transferred to. If you receive such a message or are concerned about your transfer, please get in contact by emailing savings@blme.com.

As with every transaction, BLME recommends double checking transfers in case of errors or fraudulent activity. Do not transfer money without being sure that you have not been scammed. For more information about the Confirmation of Payee scheme please go to the UK Finance website here.

No, we are not able to accept applications from overseas residents. You must be a UK resident.

If you are no longer a resident of the UK, please contact savings@blme.com We reserve the right to close your account and return the balance to you. 

The Notice Account 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 your deposit. As your agent, BLME will constantly monitor your investment to ensure that we achieve the agreed profit rate.

Savings cash platforms (also known as deposits aggregators) help you to spread your money across multiple accounts with different banks. The same compensation limits are applied if you used an aggregator as if you applied directly. The compensation limit applies to the total amount you hold across all your accounts with BLME (whether through an aggregator or held directly), not to each separate deposit. The FSCS will check and pay claims as soon as is possible, and always within three months. For further information please click here for the link to the FSCS.

Awards

2020

Best Fixed Account Provider by Moneyfacts

2020

Best Islamic Bank in the UK by World Finance

2019

Best Fixed Account Provider by Moneyfacts

2018

Best Fixed Account Provider by Moneyfacts

2017

Best Islamic bank in the UK by Islamic Finance News