Is structured under Islamic WAKALA Investment concept by which the bank (Wakkil ) acts as an agent on behalf of the customer ( Muwakkil ) to invest in the investment amount ( Deposit Amount ) and returns with expected profits according to the tenor of the investment.
Main Features of the Product:
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Currency | AED | USD |
Minimum Balance - Personal Account | AED 25,000 | USD 25,000 |
Minimum Balance - Commercial Account | AED 100,000 | USD 500,000 |
Minimum Tenor | One year | |
Maximum Tenor | Three years | |
Profit Payments Date/Frequency | Every 6 months (semi-annually) | |
Early Termination (Pre-maturity withdrawal) |
Possible, following conditions apply:
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Finance Facility Against Deposit | Available | |
Maturity Price/Redemption price | 100% of the initial deposit | |
Validity | Offer is valid until 31st December 2020 |