Personal Finance Question: Raisin Incentives


I have come across a website called Raisin that offers a cash bonus if people sign up to a bank account through their website. I have noticed Islamic banks on the site (currently QIB) and if I remember correctly Gatehouse Bank were on there in the past. Is it permissable to sign up to an Islamic bank through this site and obtain the cash bonus? I do not understand what the business model is here.

Thanks for the advice

Wa alaykum salaam,

From my understanding of Raisin, you need to open a savings account which pays interest. Therefore, you should avoid using a facility altogether.

The cash bonuses offered in Islamic banks is for a Shariah compliant account and not tied to a guaranteed minimum amount held in the account indefinitely.


Thanks for your reply.

There are a mix of accounts listed on Raisin and some of them such as QIB are Islamic. Would it be permissible to sign up to an Islamic bank through Raisin and so get the bonus from Raisin?


Can you kindly share the link with us for us to review the structure?

Thanks, please see below, thanks

In terms of Raisin, when you open an account, are you not opening a secure wallet provided by Starling Bank? What type of account is opened with Raisin UK first?


My understanding is that Raisin is not a bank itself. It is like a comparison site and an online dashboard. It holds your personal information and when you transfer cash to it, the site holds this in a conventional bank.

However, you do not earn any bonus at this stage.

Only when you transfer this cash through the site to open a specific account at a particular bank that is listed on the site, that you earn a bonus.

This includes islamic (e.g. QIB) and non-islamic banks.

You can then view your funds through Raisin but the funds are held in your selected bank. You can then use Raisin to apply for different bank accounts easily becuase it holds your personal information, you do not need to keep on entering this each time you want to open a bank account. You can also view your different accounts at different banks through one login at Raisin.

So if I decide to open an Islamic bank account at QIB e.g. the fixed term six month deposit, I can get the expected profit rate but if I do this through Raisin I can get a cash bonus on top of this, depending on the amount I transfer.

Would this be acceptable?

I assume the business model is that banks like QIB are paying Raisin to be listed on its site and see Raisin as a source of potential new customers. The bonus could be part of this marketing budget being given to customers.

Thanks for the advice

Assalaamu alaykum,

Yes, on condition that one avails of a Shariah compliant bank account, it will be permissible to use the Raisin marketplace and benefit from the cash bonus.

Allah knows best