GPOD Wealth
Islamic Profit-Sharing Savings Solutions
Grow your wealth without compromise. Our Shariah-compliant savings solutions offer ethical alternatives to conventional interest-based accounts, allowing your money to work for you while adhering to Islamic principles.
What Are Islamic Profit-Sharing Savings?
Conventional savings accounts rely on interest (riba), which is prohibited in Islam. Our profit-sharing savings accounts provide an ethical alternative based on Islamic finance principles. Instead of earning interest, your money is invested in Shariah-compliant assets, and profits are shared based on pre-agreed ratios.
Key Islamic Finance Principles
- No Interest (Riba): Returns are generated through legitimate trade and investment activities, not interest
- Asset-Backed: All transactions are backed by real assets or business activities
- Risk-Sharing: Both parties share in the profit and loss according to agreed terms
- Ethical Screening: Funds only invested in Shariah-compliant businesses and assets
- Transparency: Clear terms and conditions with no hidden charges
Islamic Contracts Used
Mudarabah (Profit-Sharing)
You provide the capital (Rab al-Mal) and we act as the manager (Mudarib), investing in ethical assets and sharing profits according to a pre-agreed ratio.
Wakalah (Agency)
You appoint us as your agent (Wakeel) to invest your funds in Shariah-compliant assets, with an expected profit rate and an agency fee for our services.
Murabaha (Cost-Plus Sale)
Used for fixed-term savings where commodities are bought and sold at a predetermined profit, providing certainty of returns.
How Our Savings Differ
| Feature | Conventional | GPOD Islamic |
|---|---|---|
| Returns Based On | Interest (riba) | Profit-sharing |
| Relationship | Lender-borrower | Partnership |
| Investment Focus | No restrictions | Ethical businesses |
Our Savings Solutions
GPOD Wealth offers a range of Shariah-compliant savings solutions to meet different financial goals and timeframes.
Everyday Ethical Savings
Flexible savings with instant access to your funds while still earning ethical returns.
Everyday Ethical Savings
Key Features
- No minimum balance requirement
- Instant access to your funds
- Monthly profit distribution
- No hidden fees or charges
- Online and mobile banking access
Islamic Structure
Based on the Wakalah (agency) contract.
Ideal For
Emergency funds, daily expenses, regular savings
Fixed-Term Investment
Lock away your savings for higher expected profits with terms from 3 months to 5 years.
Fixed-Term Investment
Key Features
- Higher expected profit rates
- Fixed terms from 3 months to 5 years
- Choice of profit payment frequency
- Option to reinvest profits
- Early withdrawal option (reduced profit)
Expected Profit Rates
| 3 Months: | 3.4% p.a. |
| 1 Year: | 4.2% p.a. |
| 3-5 Years: | 5.0% p.a. |
Islamic Structure
Based on Mudarabah (profit-sharing) contract.
Goal-Based Savings
Set specific financial goals and work towards them with dedicated savings plans.
Goal-Based Savings
Key Features
- Set and track specific financial goals
- Automated regular contributions
- Visual goal progress tracker
- Flexible timeframes from 1-10 years
- Goal achievement celebrations
Popular Goals
- Hajj/Umrah Fund
- Property Deposit
- Education Fund
- Wedding Savings
Young Savers Account
Teach children the value of money and ethical saving from an early age.
Young Savers Account
Key Features
- Designed for children aged 0-17
- Higher profit rate than adult accounts
- Educational resources and activities
- Digital savings dashboard
- Optional junior debit card (ages 11+)
Educational Benefits
- Islamic finance principles explained
- Monthly savings challenges
- Ethical money lessons
Digital Precious Metals
Protect wealth against inflation with Shariah-compliant physical gold and silver savings.
Digital Precious Metals
Key Features
- 100% physical allocated gold/silver
- Buy by weight or value
- Storage in high-security vaults included
- Option for physical delivery
- Buy/sell at live market rates
Investment Options
Gold Savings:
- Minimum Purchase: 1 gram (approx. ÂŖ55)
- Regular Savings: From ÂŖ50 per month
- Storage Fee: 0.75% per annum
Silver Savings:
- Minimum Purchase: 10 grams (approx. ÂŖ7)
- Regular Savings: From ÂŖ25 per month
How Our Profit-Sharing Savings Work
Our Islamic savings solutions operate differently from conventional interest-based accounts.
1. Deposit Funds
Open your chosen savings account and deposit funds. Depending on the account type, you'll enter into either a Mudarabah (profit-sharing) or Wakalah (agency) agreement.
2. Funds Allocation
Your funds are pooled with other customers' deposits and allocated to a diversified portfolio of Shariah-compliant investments. All investments are screened for ethical compliance.
3. Profit Generation
The investments generate profits through ethical business activities such as property rental income, trading activities, and GPOD's Earned Wage Access platform fees.
4. Profit Distribution
Profits are calculated and distributed according to the terms of your account. For Mudarabah accounts, profits are shared based on the pre-agreed ratio. For Wakalah accounts, any profits above the expected rate go to GPOD as a performance incentive.
5. Account Management
Manage your savings through our secure online banking platform or mobile app. View your balance, track profits, set up regular contributions, and withdraw funds when needed (subject to account terms).
Savings Calculator
See how your ethical savings could grow over time with our Shariah-compliant savings accounts.
Frequently Asked Questions
Find answers to common questions about our Islamic profit-sharing savings solutions.
Conventional savings accounts are based on interest (riba), which is prohibited in Islam. The bank borrows your money and pays you interest regardless of how they use your funds.
Islamic savings accounts operate on profit-sharing principles. Your money is invested in Shariah-compliant assets and businesses, and the profits generated are shared between you and the provider.
Unlike conventional accounts, Islamic savings accounts don't guarantee your capital or returns, as this would contravene Shariah principles of risk-sharing. However, we take extensive measures to protect your capital through diversification, due diligence, and conservative investment strategies.
Your savings are eligible for protection under the Financial Services Compensation Scheme (FSCS) up to ÂŖ85,000 per person in the event of our insolvency.
Expected profit rates are determined based on:
- Historical performance of our investment assets
- Current market conditions and economic outlook
- The type and term of the savings product
- Competitive analysis of similar Islamic products
Yes, early withdrawals are possible subject to the following conditions:
- 30 days' notice required
- Reduced profit rate of 1.0% applied
- No withdrawal fees or penalties
Yes, Zakat is typically payable on savings if they reach the nisab threshold (approximately the value of 87.48 grams of gold or 612.36 grams of silver) and have been held for a lunar year.
We provide annual Zakat statements to help you calculate your Zakat liability on your savings. We also offer a Zakat calculator tool in our online banking platform.
Start Your Ethical Savings Journey
Open your GPOD Wealth Islamic savings account today and experience the peace of mind that comes with ethical, Shariah-compliant saving.
Open Your Account
Account Opening Process
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1
Complete Application
Fill out the form or apply through our mobile app (10 minutes)
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2
Verification
We'll verify your identity and address (usually electronically)
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3
Account Approval
Account is opened within 1-2 business days
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4
Fund Your Account
Make your initial deposit via bank transfer or debit card
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5
Start Earning Ethical Profits
Your money begins working ethically for you
Need Help Choosing?
Not sure which account is right for you? Contact our team for guidance.