The majority of savings rates comparison websites in the UK don’t rank sharia-compliant banks alongside mainstream products, claims a new study.
Research by sharia-compliant challenger bank Gatehouse Bank has revealed that just seven out of 15 best-buy information websites ranked such accounts alongside those from other providers.
As a result, over half of these websites (53%) didn’t provide the consumer with a clear picture by ranking sharia-compliant accounts alongside the rest.
Charles Haresnape, CEO at Gatehouse Bank (pictured above), said: “It is vital that comparison websites – which give the impression they are presenting savers with the best rates on the market – live up to that expectation by including sharia-compliant accounts.”
Charles claimed: “These accounts frequently offer some of the best – if not the best – rates and are growing rapidly in popularity among all kinds of customers.
“These sites are designed to help consumers who shouldn’t have to go hunting for the best rates and should be encouraged to consider ethical, sharia-compliant banking as an alternative to the high street.
“Otherwise, savers are left ‘rates blind’ and wrongly assume they are aware of all their options.”
Gatehouse Bank recently increased the rate on its one-year, fixed-term deposit account to 1.90%.
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