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What is theprogressive.com?

theprogressive.com is the official website for Progressive Building Society, a financial institution based in Northern Ireland that offers a range of savings accounts and mortgage products to its members.

It operates as a mutual society, meaning it is owned by its customers.

Is Progressive Building Society regulated?

Yes, Progressive Building Society is a legitimate financial institution. theprogressive.com Alternatives

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In the UK, building societies are authorized by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA.

This ensures they adhere to strict financial standards and consumer protection rules.

What types of savings accounts does theprogressive.com offer?

theprogressive.com offers various savings accounts, including Online Savings, Instant Access accounts, Regular Savers, Postal accounts, Business Accounts, Help to Buy: ISA, Cash ISAs, Bonds, and Children’s accounts.

Are the savings accounts on theprogressive.com Sharia-compliant?

No, the savings accounts offered on theprogressive.com are not Sharia-compliant as they operate on an interest-bearing model, which is considered Riba (interest) and is prohibited in Islam.

For example, their “Online Regular Rainy Day Saver” explicitly advertises an Annual Equivalent Rate (AER). theprogressive.com vs. Halal Financial Institutions

What mortgage products are available through theprogressive.com?

theprogressive.com provides a range of mortgage products for different needs, such as First Time Buyers, Moving Home, Remortgage, Green Mortgage, Foreign Currency Mortgage, Self-Build, and Holiday Home Mortgages.

Are the mortgages on theprogressive.com Sharia-compliant?

No, the mortgages offered by theprogressive.com are conventional interest-based loans, which are not Sharia-compliant.

Islamic finance prohibits the charging or paying of interest (Riba) on loans.

Why is interest (Riba) prohibited in Islamic finance?

Interest (Riba) is prohibited in Islamic finance because it is seen as an unjust and exploitative way of generating wealth.

Islam encourages profit-sharing, risk-sharing, and asset-backed transactions based on real economic activity rather than deriving profit from money itself. theprogressive.com Pricing

What are the ethical concerns with theprogressive.com for a Muslim?

The primary ethical concern for a Muslim engaging with theprogressive.com is its reliance on interest (Riba) for both its savings and mortgage products, which is strictly forbidden in Islamic law.

Does theprogressive.com offer any halal financial products?

No, based on the information provided on their website, theprogressive.com appears to offer only conventional, interest-based financial products, with no mention of Sharia-compliant alternatives.

How transparent is theprogressive.com about its charges and terms?

theprogressive.com appears very transparent, providing clear links to its “Tariff of Charges” for both savings and mortgages, as well as detailed guides and FAQs, allowing users to understand the full costs and terms associated with their products.

What support and information does theprogressive.com provide?

theprogressive.com offers extensive support, including helpful guides (general, mortgage, savings), FAQs, information on financial difficulties, bereavement support, and crucial fraud awareness resources.

They also provide direct contact helplines and a branch finder. How to Avoid Interest-Based Transactions (Riba)

How can I find Sharia-compliant alternatives for savings?

You can find Sharia-compliant savings alternatives through Islamic banks or dedicated Islamic investment funds that offer accounts based on Mudarabah (profit-sharing) or Wakalah (agency) models, where returns are generated from permissible investments.

What are Sharia-compliant alternatives for mortgages?

Sharia-compliant mortgage alternatives include Murabaha (cost-plus-profit sale), Ijarah (leasing), and Musharakah Diminishing (co-ownership with gradual acquisition) contracts, offered by dedicated Islamic home finance providers.

Does theprogressive.com engage in community activities?

Yes, theprogressive.com’s “Latest News” section frequently highlights its engagement in local communities and charitable partnerships, such as supporting Autism NI, Alzheimer’s Society, and various disability sports initiatives.

Is theprogressive.com a scam?

No, theprogressive.com is not a scam.

It is a legitimate and long-established building society in Northern Ireland with physical branches, clear contact information, and regulatory oversight. Is theprogressive.com a Scam?

Its business model is conventional finance, not fraudulent.

What are the operational hours for Progressive Building Society?

The website indicates general operating hours for its helplines (Mon-Fri: 9am-5pm) and provides a “Branch Finder” where specific branch opening hours can be checked, along with notices for society closure dates and essential maintenance.

Can I manage my account online with theprogressive.com?

Yes, theprogressive.com has a “Login” portal for existing customers and an “Existing Customer Registration” link, indicating that online account management is available, though specific details of its functionality are in the portal itself.

How does Progressive Building Society handle fraud awareness?

theprogressive.com dedicates a section to “Fraud Awareness,” outlining their priority in keeping members safe and providing information on “Types of fraud to look out for” to help customers protect themselves.

What is the “Your Society” section about on theprogressive.com?

The “Your Society” section explains that Progressive is a mutual society owned by its customers (Members), providing details about its history, mission, vision, values, financials, corporate governance, and commitment to local communities and responsibilities. Is theprogressive.com Legit?

Where can I find the latest news and updates from theprogressive.com?

The latest news and updates from Progressive Building Society can be found under the “Latest News” section on their website, which is regularly updated with announcements, economic reports, and community initiatives.

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