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.
Yes, any deposit amount booked under the Islamic Flexi Term Deposit can be withdrawn at anytime.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.
This product is proposed as a 1, 2 or 3 years’ deposit facility.
We are offering rates only in AED, for this particular product.
Yes, commercial accounts can invest up to a maximum of AED 20 million. We have no maximum limit for personal accounts.