Any Questions
Who provides the alburaq Savings Plan?
The alburaq Savings Plan is an investment devised by alburaq (a brand name of ABC International Bank plc) and provided by the Bank of Ireland.
Who can take part?
- Anyone aged 18 or over can invest either individually or jointly with one other person.
- Trustees (whether corporate or individual) of a properly constituted and documented Trust.
- Charities or Corporations and individuals investing through a SIPP or a SASS.
- Applicants who are not ordinarily resident in the UK will be considered at the discretion of the Bank of Ireland.
Are there any set-up charges?
No, there are no hidden costs or administration charges for setting up the alburaq Savings Plan.
Can alburaq advise me on whether I should take out the alburaq Savings Plan?
alburaq does not offer advice or personal recommendations as to the suitability of the alburaq Savings Plan in meeting individual needs. We will provide information on the features of the product and generic benefits to the investor as a whole. You will then need to decide for yourself or seek professional advice to ensure that this product meets your specific needs.
What happens if I change my mind?
You can cancel your alburaq Savings Plan without penalty within 14 days of receiving confirmation that it has been opened. We will refund your deposit in full. After this 14 days period you will not be able to make any withdrawals until your account matures. Therefore, you need to be comfortable that you have spare cash set aside for emergencies over the five year term.
What happens to my deposit between the time it is received until the start date?
Your deposit will be held in a non-interest bearing account. The funds will be kept separate at all times from funds belonging to the Bank of Ireland and its other customers, so that they may be fully ascertainable and capable of independent audit (including a Shariah audit) and disclosure at any given time.
How is my profit calculated?
At the end of the Offer Period the first reading of the value of the basket of Shares (Price Level 1) is taken, with a second reading (Price Level 2) taken when the Fixed Term comes to a close five years later10. If Price Level 2 is higher than Price Level 1, we calculate the percentage increase and this is the profit that you will earn. If Price Level 2 is lower than Price Level 1 there will be no profit earned but you will still receive your original investment amount back. The Shariah compliant investment techniques we use reduces the potential profit you will receive when compared to investing directly in the shares of the companies.
When does my alburaq Savings Plan mature?
The start date is 26th September 2008 and it will mature on 26th September 2013
What happens when my alburaq Savings Plan matures?
We will write to remind you shortly before your alburaq Savings Plan is due to mature. Once it has matured, you will receive a valuation statement showing its final value.
What if I die before maturity? (personal investors)
If you are a personal investor and you die before your alburaq Savings Plan matures, then it may remain invested in your name until it matures, or it may be closed. If it is closed before maturity, we will repay the original capital in full.
What about tax? (personal investors)
Profit paid on your alburaq Savings Plan is liable to tax at the prevailing rate for savings accounts and this will be automatically deducted from your profit at the end of the Fixed Term. If you expect to be a non-taxpayer, or to be not ordinary resident in the UK for tax purposes on the maturity date, you should complete an R85 or R105 Form, as appropriate, and submit this with your Application Form. In the case of joint Accounts, profit can only be paid without the deduction of tax if either both Account Holders are non-taxpayers or both Account Holders are not ordinary resident in the UK for tax purposes. Tax is payable on maturity in the 2013/2014 tax year.
What if I’m not happy with the service or information I receive?
Please call 0845 603 834011 to speak to a Customer Service Centre representative. Lines are open from 9am to 5pm, Monday to Friday. Alternatively, you can write to us at
alburaq
1 Donegall Square
South Belfast
BT1 5LR.
We will do all we can to resolve your query as soon as possible. Please allow five working days to receive a reply.
What if I’m still not satisfied?
If you have made a complaint but do not feel that the response you received is satisfactory, the Financial Ombudsman Service may be of assistance. This is independent and can help resolve disputes between banks and their customers. You can write to the:
Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London E14 9SR,
or email enquiries@financial-ombudsman.org.uk.
You can also phone on 0845 080 1800
or visit www.financial-ombudsman.org.uk
Legal information
The Governor and Company of the Bank of Ireland is authorised by the Financial Regulator in Ireland and by the Financial Services Authority for the conduct of UK Business. Bank of Ireland deposit accounts are deposit products as defined under the Financial Services and Markets Act 2000. The Bank of Ireland subscribe to the Banking Code. A copy of the Code is available on request. Bank of Ireland, 1 Donegall Square South, Belfast, BT1 5LR. The Governor and Company of the Bank of Ireland is incorporated in the Republic of Ireland with limited liability and registered in England and Wales with branch number BR000459.
alburaq is a registered trade mark of ABC International Bank plc ("ABCIB") and the brand under which Islamic products are provided. ABCIB is authorised and regulated by the Financial Services Authority and is registered in England and Wales, Registration No. 2564490 - Registered Office: 1-5 Moorgate, London EC2R 6AB. The Governor and Company of the Bank of Ireland is ABC's appointed provider of the Shariah Compliant savings plan and is authorised to use the alburaq brand name under licence.
ABCIB does not offer any advice or personal recommendations as to the suitability of the alburaq Shariah compliant savings plan in meeting individual needs. We will provide information on the features of the product and generic benefits to the investor as a whole. You will need to decide for yourself or seek professional advice to ensure that this product meets your specific needs.
“Dow Jones®”, “Titans®” and “Dow Jones Islamic Market Titans 100 IndexSM” are service marks of Dow Jones & Company, Inc. Dow Jones has no relationship to Bank of Ireland, other than the licensing of the Dow Jones Islamic Market Titans 100 Index and its service marks for use in connection with the Savings Plan. The Savings Plan is not sponsored, endorsed, sold or promoted by Dow Jones, and Dow Jones makes no representation regarding the advisability of investing in the Plan.
