i

This site uses cookies to provide you with a more responsive and personalized service. By using this site you agree to our use of cookies. Please read our
Privacy Policy for more information

عربى
Browse our FAQ's and get an answer right away
Under which Islamic Concept does this product fall?

Islamic Flexi Term Deposit is structured under Islamic Wakala Investment concept by which the Bank (Wakil) acts as an Agent on behalf of the Customer (Muwakil) to invest in the Investment Amount (Deposit Amount) and returns with expected profits according to the tenor of the investment.

Can I withdraw my deposit at anytime?

Yes, any deposit amount booked under the Islamic Flexi Term Deposit can be withdrawn at anytime.

Redemption of the deposits before maturity is subject to a notice of at least two (2) UAE business days in writing.

Zero profit is paid if deposit cancelled before three months, otherwise applicable rate applied as per the graph.

How is the Profit computed in case of early termination?

This product is proposed as a 1, 2 or 3 years’ deposit facility.

  • Anticipated rates across the time buckets are pre-indicated.
  • No penalty will be charged.
 
Example 1: A customer decides to place AED 1,000,000 in a 2 years’ deposit @ 4.25% expected profit. If the customer withdraws funds after 6 months, then Wakil incentive will be reduced on pro-rata basis according to 6 months’ indicative profit rate to 3.00%.
Example 2:A customer decides to place AED 1,000,000 in a 3 years’ deposit @ 4.50% expected profit. If the customer withdraws funds after 100 days (which is more than 3 months and less than 4 months), then Wakil incentive will be reduced on pro-rata basis according to the indicated 3 months profit rates resulting a profit of 2.40% for 100 days.
Is it possible to have this product in other currencies?

We are offering rates only in AED, for this particular product.

Is there a maximum deposit amount for the Flexi-Fixed Deposit?

Yes, commercial accounts can invest up to a maximum of AED 20 million. We have no maximum limit for personal accounts.

TALK TO US TODAY

You can reach us using any of the following numbers

UAB Toll Free

800 474

International callers

+971 6 5987332

Sadara Toll Free

800 72 32 72

Sadara international

+971 6 5987333

welcome to UAB live
Please give us a few details and allow us to help you better
captcha