ⓘ CAPITAL AT RISK
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Grow your deposit with a Pfida GYS Home account
A flexible investment savings account that helps you grow your deposit amount whilst helping others buy a home free from debt or interest.
Start growing your savings with as little as £1,000.
Benefit from dividend returns, shorter wait times, boost to priority waiting list and exclusive rental rates – only available for GYS Home account holders.
Here’s how we stand out
Our customers often ask us how we compare to other savings accounts out there. We’ve gone one step further to show you the difference between having a GYS Home account and not having one – especially if you’re looking to be a homeowner.
Feature
GYS Home
Home finance waiting list
High street bank 1 savings
High street bank 2 savings
Minimum deposit amount
£1,000
£0
£1
£1
Expected annual profit rate
1.00%
0.00%
0.55%
0.65%
Net benefit after Zakat saving
3.50%
Social purpose
Asset-backed investment
–
Use as deposit / initial equity amount
–
–
–
Position on the priority waiting list for home finance
Access to best available rates of home finance
Shortest wait times
Minimum withdrawal notice period
3 months
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–
–
Your biggest reward.
Shorter wait times, a priority waiting list spot and exclusive rental rates.
Our home finance product has a very long wait time – we’re grateful it’s so popular and we’re doing our best to get through the thousands patiently waiting for their turn.
As a GYS Home account holder, we think you are amazing for opting to help others whilst you wait for your turn to come. For this reason, we want to reward you by giving you a position on our priority waiting list, giving you shorter wait times for our home finance product.
On top of this, when it’s your turn to be financed for a home, we’ll make sure to give you access to exclusive rental rates, available to only GYS Home customers.
That’s not all.
Fast track
Looking to purchase your home swiftly? As a GYS Home account holder, you may be able to unlock a fast track feature to boost your position on the waiting list.
Opt-in for zakat reminders
If you are a zakat payer (Muslim wealth tax) we’ll work out how much of your funds have been used to buy homes and calculate how much zakat you need to pay – all through the tech. Just give us the date, we work out the rest.
Fast track
Looking to purchase your home swiftly? As a GYS Home account holder, you may be able to unlock a fast track feature to boost your position on the waiting list.
Opt-in for zakat reminders
If you are a zakat payer (Muslim wealth tax) we’ll work out how much of your funds have been used to buy homes and calculate how much zakat you need to pay – all through the tech. Just give us the date, we work out the rest.
So how do GYS Home returns work?
- Register
Register your account and complete your investor declaration. We’ll let you know when we’re open for applications during an investment window.
2. Apply
Then complete a GYS Home application form when the investment window is open.
3. Process checks
We process your application and carry out eligibility checks. Sometimes this can take a little while, around 8 weeks, as we need to carry out lots of checks to ensure we comply with regulatory requirements.
4. Invest
You pay your initial investment into your account
🎉
Pfida top tip 1
Remember, you can boost your position on the home provision waiting list by increasing your investment amount to £30,000.
Pfida top tip 2
Alternatively, you can unlock the fast track feature to be serviced in 6 months by locking in a fixed standard discount rate – find out more here.
How your money will be used.
Traditionally, your savings would usually be sitting in a bank account. The bank would then lend out your money on loans and mortgages that trap people in debt and interest. In return, the bank may pay you interest for using your money.
We work in a similar way, but we make sure it’s ethical and equitable by making you a shareholder in a ring-fenced entity called Pfida Finance PLC. This entity, of which you become an owner, directly owns each property and/or has a legal charge over each of them, granting you an ultimate right over each property too. Through this mechanism, we are able to give you a higher return that is asset-backed, equitable and shariah-compliant.
How am I protected?
Ring-fenced portfolio
We use a ring-fenced entity, called Pfida Finance PLC, which owns each property directly and carries no debt. When you invest you get shares in this entity, which grants you an ultimate right over each of the underlying assets. This entity will only be used for purchasing properties in the UK.
Fully asset-backed
Each property is directly owned and / or secured with a legal charge to minimise risk. The shares you receive give you a legal right to a portion of any profits made, and make you a part of our success.
Funds are deployed after completion, never before
We only release invested funds once we are certain we will complete, for each property. To get to completion, home finance customers go through very thorough checks looking at a number of aspects, such as affordability, payment history and credit checks. We also perform thorough checks on the property too, through valuations and surveys.
These funds are not used to run Pfida as a business
Your invested funds are never used to run Pfida’s business or operational costs, we use them solely on the properties we purchase as homes.
Shariah-compliant
Our mudaraba investment structure has been reviewed and approved by Sheikh Haitham Al-Haddad (Islamic Council of Europe) in his capacity as independent Shariah scholar. It has also been internally scrutinised and approved by Sheikh Salman Hasan, our in-house scholar.
FAQs
Yes, as long as you have a minimum of £50,000 in your GYS Home account, you will be able to open a Grow-Your-Savings account. This is subject to you to keeping a minimum of £50,000 in your GYS Home account at all times. Any additional funds over this amount can be used to invest in a Grow-Your-Savings, as long as you meet the criteria.
If you have a Grow-Your-Savings account and would like to apply for a GYS Home account to join the priority waiting list, you will need to either close your Grow-Your-Savings account or invest a minimum of £50,000 into your GYS Home account to be able to keep your Grow-Your-Savings account active.
If you are a GYS Home account holder but aren’t looking to buy a home with us, you can close your GYS Home account and move your funds to a Grow-Your-Savings account, as long as you meet the criteria.
If your time on the waiting list arrives, but you no longer need financing from us, just let us know.
You do not have an obligation to proceed with the property purchase at this time. If you know someone who is currently on the home finance waiting list, you can let them take your place. This means they will be contacted to kickstart the financing process.
If you decide to choose this option, you will lose your spot and will need to re-join the waiting list if you decide you later need financing.
Alternatively, if you just need a little longer and don’t want to gift your position that’s fine too. Let us know when you are ready with at least 3 months’ notice and we can start the process for you then instead.
Need more help? Visit our help centre for more information.
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Customer stories
Don’t take our word for it.
See what our customers have to say about their experience with us.
Abu Ismail
Purchased March 2021
Umer Malik
Purchased March 2021
