The majority of comparison websites that compare best the best savings rates in the UK do not rank Shariah-compliant banks alongside mainstream products, according to research conducted by Gatehouse Bank.
The study revealed that 53% of comparison sites do not give consumers the opportunity to select an account that is best suited to protecting their savings from inflation, as they do not present Shariah-compliant accounts alongside other accounts.
However, the bank has provided a possible explanation as to why these accounts are receiving “different treatment”. It said that Shariah-compliant banks use distinctive language because they are unable to pay interest, instead offering consumers an Expected Profit Rate (EPR), which is not always guaranteed.
Gatehouse Bank CEO Charles Haresnape 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 Shariah-compliant accounts.
“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, Shariah-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.”
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